The Maryland Board of Public Works has approved an agreement to transfer ownership of Pimlico Race Course from The Stronach Group to the State of Maryland as of July 1. The May 15 approval guarantees that the Preakness Stakes will stay in Baltimore, establishes Pimlico as the year-round home of thoroughbred racing in Maryland, and creates a year-round hub of economic activity in Baltimore’s Park Heights community.
“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. Wes Moore.
Under the master agreement, ownership of Pimlico will transfer from The Stronach Group to the Maryland Thoroughbred Racetrack Operating Authority for one dollar as of July 1. The state will lease Laurel Park racetrack for three years as of Jan. 1, 2025, at a cost of one dollar per year, where races will be held while construction is underway at Pimlico, although the 150th Preakness is expected to be held at Pimlico next year.
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