Maryland Buys Pimlico Race Course, Sets Out to Renovate the Track

The state of Maryland has agreed to purchase the historic Pimlico Race Course in a $1 deal. As the home of the Preakness Stakes, the Baltimore race track is of crucial importance to the Triple Crown, one of the most highly-anticipated events in the American racing calendar.

According to the arrangement, Maryland will run the track as a non-profit but will pay the Stronach Group millions for the right to use the Preakness Stakes name and run the Triple Crown leg.

In addition, as approved by the Maryland Board of Public Works, the state will refurbish the track. The $400 million renovation plans were greenlit by Gov. Wes Moore last week and will use state bonds to cover to costs.

Any operating losses will be covered by a new lottery proceeds fund. Additionally, 10% of the track’s profits will go to local Park Heights community development projects, WBAL-TV reported.

The renovations will force Maryland to temporarily relocate the Preakness Stakes while the track is rebuilt. According to the announcement, the Pimlico Race Course will still host the 2025 race, after which the Preakness will be temporarily relocated to Laurel Park.

Maryland hopes that it will finalize the track by 2027, allowing the Preakness Stakes to return to its historic location. After the Preakness returns to Pimlico, the Laurel Park track will close after over a century in business.

Maryland Wants to Keep the Racetrack in the Spotlight

Gov. Moore believes that making Pimlico the home of thoroughbred racing in Maryland will rejuvenate the sector.

By consolidating thoroughbred racing at one track, Pimlico will become a reliable hub of economic activity, rather than only being in the spotlight for a few days of the year.

Gov. Wes Moore

WBAL-TV reported that the renovation plans will create a smaller grandstand sporting some 5,000 seats. The track will also serve as an event space throughout the year, cementing Pimlico as a noteworthy entertainment district instead of being in the spotlight once a year, as the governor put it. For context, Maryland plans to use the space to host a variety of open-air events and festivals.

In addition, the renovated racetrack complex will include a new hotel and a 2,000-space garage. The plans also include the construction of a new sportsbook. To make space for the new facilities, the construction works will see the track rotated 30 degrees.