Pimlico transfer to state ownership given final approval days before 149th Preakness Stakes

The transfer of Pimlico Race Course from private ownership to the state of Maryland received final approval Wednesday, marking the final step for the historic site of the Preakness Stakes to undergo a yearslong renovation and, starting in 2027, be run by a state-owned nonprofit.

The Maryland Board of Public Works — consisting of Gov. Wes Moore, Comptroller Brooke Lierman and Treasurer Dereck Davis, all Democrats — unanimously approved the transfer after Moore last week signed a new state law paving the way for its consideration. The plan calls for $400 million in state bonds to pay for the redevelopment and the building of a thoroughbred training center elsewhere.

Ahead of the 149th Preakness Stakes this weekend, officials celebrated the move after years of failed attempts to improve the dilapidated site.

“I’m thrilled that we were able to come to an agreement,” said Belinda Stronach, CEO of The Stronach Group, the longtime owner of the racetrack. “This has been a long time coming.”

Davis, in a question directed to Greg Cross, chair of the Maryland Thoroughbred Racetrack Operating Authority that developed the plan, asked why the public should believe this is the final plan that will rejuvenate Pimlico.

“We’ve been a few laps around the track trying to make this happen,” Davis said. “What can we say to Marylanders? I mean, respectfully, the platitudes are nice. Why is this different than other failed attempts that we’ve tried to make a go of horse racing beyond Preakness?”

Cross said this time was different because of the agreement with Stronach and the broader community. Detailed plans are in place and bids are already going out for construction work, he said.

“Now we will control it and we will control our own destiny with respect to the Preakness,” Cross said.