The Stronach Group, the owner of the racecourse and nearby Laurel Park, will transfer ownership to the state of Maryland's Thoroughbred Racetrack Operating Authority for the cost of $1 on July 1.
Baltimore’s beloved but deteriorating Pimlico Race Course has a new owner — the State of Maryland.
The Stronach Group, the owner of the racecourse and nearby Laurel Park, will transfer ownership to the Maryland Thoroughbred Racetrack Operating Authority for the cost of $1 on July 1. This means a long awaited rebuild of the home of the second jewel of horse racing’s Triple Crown, the Preakness Stakes, can finally take place.
Maryland Gov. Wes Moore approved the agreement to transfer ownership to the state on Wednesday.
Last week, Moore signed a bill passed by the state’s general assembly that set aside $400 million in state bonds to rebuild the course. The complicated process involves Maryland taking over control of the track, building a training center and eventually closing Laurel Park to shift full-time racing to Pimlico in the northwest quadrant of Baltimore.
“When it comes to projects with generational impact, our administration has made it clear that we aren’t just focused on closing a deal — we’re focused on driving economic development in all of our communities,” said Gov. Moore.
Under the agreement, the state will lease Laurel Park racetrack for $1 per year for three years beginning on Jan. 1, 2025, to host the Preakness while the Pimlico is under construction.
Once construction of the course wraps up, the Stronach Group will gain ownership of Laurel Park and can either sell it or redevelop it for non-racing related purposes.
“Thanks to the support of Gov. Moore and to the partnership of the Maryland Thoroughbred Racetrack Operating Authority under the leadership of Greg Cross, a sustainable and bright new future for the Thoroughbred racing industry in Maryland has been secured,” said Stronach Group CEO, Belinda Stronach.
The agreement extends to all Pimlico facilities, including its hotel and event spaces, along with a $10 million investment from the Department of Housing and Community Development to promote the Park Heights community surrounding the course.
The 149th running of the Preakness Stakes is set to take place this Saturday, May 18. Preakness is projected to return to Pimlico in 2027.
The equine industry in Maryland is crucial to its economy. It provides 28,000 jobs, accounts for 25% of the state’s agricultural base and, overall, has a total economic impact of $3 billion.
WTOP’s Alicia Abelson and The Associated Press contributed to this report.
