Maryland governor authorizes $400 million to rebuild Pimlico

Maryland governor Wes Moore signed a bill Thursday to put the state of Maryland in control of Pimlico and to allot state funding to rebuild its run-down grandstand.

The bill authorized $400 million in state bonds to rebuild Pimlico, which will come under control of the state of Maryland on July 1. The bill signing was previously reported by Bill Finley of Thoroughbred Daily News.

During the planned construction, the 150th running of the Preakness in 2025 is planned for Pimlico despite the fact that construction will be in progress. The 2026 Preakness will happen at Laurel. Maryland will contract the operations of the 2025 and 2026 editions of the Preakness out to The Stronach Group. In the TDN report, Maryland Thoroughbred Horsemen’s Association general counsel Alan Foreman compared that agreement to the operating agreement for the Breeders’ Cup to come into a track and run its signature yearly meeting.

When racing resumes at the rebuilt Pimlico it will be operated by a new nonprofit, under a model with some similarity to that of the New York Racing Association which oversees racing at Belmont, Saratoga and Aqueduct. The Preakness will return to the newly rebuilt Pimlico in 2027 under the auspices of that new nonprofit.

In addition to rebuilding Pimlico, the new plans also require a training center to be built in Maryland, since Pimlico is not big enough to house the entire Maryland-based horse population. Racing is expected to continue at Laurel for the next three years while Pimlico construction proceeds, but Laurel will close once the new Pimlico opens.