The Maryland Board of Public Works recently approved a landmark agreement transferring ownership of Pimlico Race Course from The Stronach Group to the state of Maryland. This decision marks a significant step in the state’s efforts to revitalize its horse racing industry and foster economic development, particularly in Baltimore.
Ownership Transfer Details
The agreement stipulates that ownership of Pimlico Race Course will transfer to the Maryland Thoroughbred Racetrack Operating Authority for a nominal fee of one dollar, effective July 1. Concurrently, the state will lease Laurel Park racetrack from The Stronach Group starting January 1, 2025, for just one dollar per year. This arrangement allows races to continue at Laurel Park during the renovation of Pimlico. Once renovations are completed, The Stronach Group will retain ownership of Laurel Park and has the option to repurpose the property for non-racing uses.
Legislative Support and Funding
Governor Moore had previously signed the Horse Racing-Racing Facility Ownerships and Construction Racing Operations bill, which not only authorized the ownership transfer but also allocated funding for the renovation of Pimlico. This legislative support underscores Maryland’s commitment to preserving its racing heritage while promoting economic growth.
Economic Impact and Community Development
Beyond the renovation of Pimlico’s facilities, the agreement includes a $10 million investment through the Department of Housing and Community Development. This funding will support initiatives aimed at promoting housing, job training, and workforce development in Baltimore. Additionally, a new off-site training facility will be established, and a non-profit organization will oversee racing operations, further enhancing community engagement and economic opportunities.
Stakeholder Perspectives
Governor Moore emphasized the agreement’s long-term economic benefits, stating, “We aren’t just closing a deal; we’re driving economic development across all our communities.” Maryland Thoroughbred Racetrack Operating Authority chair Greg Cross expressed confidence in the agreement’s ability to secure a prosperous future for Maryland’s horse racing industry. Belinda Stronach, CEO of The Stronach Group, praised the partnership that led to a sustainable future for Thoroughbred racing in Maryland.
Economic Performance of Maryland Casinos
In related economic news, Maryland’s casinos reported a slight decline in gaming revenue in April 2024 compared to the previous year. MGM National Harbor led with $68 million in revenue, followed closely by Live! Casino & Hotel with $60.8 million. Despite the dip in revenue, Maryland’s gaming sector remains robust, contributing significantly to the state’s economy.
The approval of the Pimlico ownership transfer agreement represents a pivotal moment for Maryland’s horse racing industry and economic landscape. By preserving Pimlico Race Course and investing in community development initiatives, the state aims to not only sustain but also enhance its legacy in Thoroughbred racing. As construction progresses and economic benefits materialize, stakeholders look forward to a revitalized racing scene and increased prosperity for Baltimore and beyond.