Maryland to Rebuild Pimlico, home of Preakness Stakes

The Pimlico Race Course will undergo extensive rebuilding starting this summer with $400 million in state bonds that will also see the Preakness Stakes relocated in 2026 to nearby Laurel Park before returning to an updated Pimlico in 2027.

Maryland Gov. Wes Moore signed a measure on Thursday to transfer the track to a newly formed nonprofit that would operate under state control from the Stronach Group, which is the current owner of Pimlico and nearby Laurel Park. The 149th Preakness is set for May 18. The racing industry and other equine industries has an estimated $2 billion direct economic impact on the state.

“Because of this bill, we have a path forward to continue running the Preakness in Maryland and renovate the historic Pimlico Race Course,” Maryland House Speaker Adrienne Jones, a Democrat, said. “This bill will create lasting economic benefits to the state and the Baltimore region.”

The track opened in 1870 and is where Man o’ War, Seabiscuit, Secretariat and many others pranced to the winner’s circle. It is the nation’s second oldest racetrack behind Saratoga, which debuted in 1864. Saratoga, in a bit of irony, will host the third leg of the Triple Crown, the Belmont Stakes, this year and and next while Belmont Park undergoes a $455 million reconstruction. It also comes after this year’s Kentucky Derby showcased nearly $300 million worth of renovations and additions which over the past several years has freshened up the look of Churchill Downs.

“The state of Maryland is investing in the sport of racing in similar ways that New York has already done,” said Tom Rooney, president and chief executive officer of the National Thoroughbred Racing Association, and also a member of the Maryland Thoroughbred Racetrack Operating Authority. “I know I speak for those of us within the sport there’s a lot to be excited and optimistic about as we continue through the Triple Crown season.”

Pimlico’s age has long been a concern. In 2019, the Maryland Jockey Club closed off nearly 7,000 grandstand seats, citing the “safety and security of all guests and employees.” At the end of the legislative session last year, the Maryland Thoroughbred Racetrack Operating Authority was created and tasked with taking another look at options and it made recommendations in January to invest in Pimlico to take on a greater role in holding races.