The plan to renovate Pimlico Race Course is heading down the stretch.
Maryland legislators passed a bill to renovate the historic yet outdated horse racing track and transition its ownership to the state. The bill proposes the allocation of $400 million in state bonds for the reconstruction of the venue, renowned for hosting the Preakness Stakes, the second jewel of horse racing’s Triple Crown.
The legislation also stipulates the transfer of Pimlico from its current owner, the Stronach Group, which also owns the nearby Laurel Park, to a newly established state-operated nonprofit. The bill is expected to be signed into law by Democratic Gov. Wes Moore.
“We think it’s important to not just make sure that we’re protecting an industry that means a lot to this state, not just in terms of its history but in terms of its future, but also this is an important bill for the community,” said Moore.
How Will Pimlico Be Rebuilt?
The plan outlines a temporary relocation of the Preakness to Laurel Park in 2026 during the construction of the new facility. It is expected to return to Pimlico by 2027. This interim move coincides with the return of the Belmont Stakes, the third Triple Crown race, to Belmont Park. The Belmont Stakes had been on a two-year break at Saratoga Race Course while Belmont Park underwent a $455 million renovation.
Maryland Thoroughbred Racetrack Operating Authority (MTROA) board member Alan Foreman, anticipates that a revamped Pimlico facility will attract more visitors and boost on-site betting.
Foreman expressed concern about the current state of horse racing venues, stating, “Horse racing facilities today are outdated and do not attract customers,” Foreman said. “No one wants to sit in a seat the whole time anymore. A new, iconic facility at Pimlico should bring in a younger generation of fans and allow them to enjoy the entire space.”
To pay for it all, the state will issue $400 million in bonds — at least $250 million of which will go toward Pimlico and at least $110 million of which will go toward a training center in either Bowie, Woodbine or Aberdeen. Those bonds will then be paid off over decades using at least $17 million a year.
Why The Renovations are Needed
For many years, the state has been trying to figure out how to fix up the old racetrack. Locals often call it Old Hilltop. It started operating in 1870. Famous horses like Man o’ War, Seabiscuit and Secretariat have all won races here. But the track’s old age has been a problem for a long time.
In 2019, the Maryland Jockey Club had to close almost 7,000 seats in the grandstand because they wanted to keep everyone safe. The Preakness has struggled to draw pre-pandemic attendance numbers in recent years, down to 65,000 people in 2023 for Friday and Saturday compared to more than 180,000 for the same days four years earlier.
But a new day is dawning and a new look for Pimlico is on the way. Beyond the racing world, community leaders hailed the Pimlico plan as key to their broader redevelopment efforts, so it looks like everyone involved will end up in the winner’s circle.
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