City, Industry Deal Would Keep Preakness at Pimlico

A deal reached by Maryland Jockey Club owner The Stronach Group, the city of Baltimore, and the Thoroughbred industry would see the Preakness Stakes (G1) stay at a renovated Pimlico Race Course.

In an agreement announced Oct. 5 by the city and industry leaders, ownership of the Pimlico property will be shifted to the city, where a state-of-the-art clubhouse and community center would be added while older parts of the track would be renovated. The plan also calls for upgrades at Laurel Park.

Mayor Bernard "Jack" Young announced that the city, The Stronach Group, and the Maryland Thoroughbred industry have reached an agreement in principle that will be submitted to state lawmakers in Annapolis for review and consideration. According to a joint release from those players, if the plan is approved during the next General Assembly, it would preserve the Preakness at Pimlico, enhance year-round sustainable racing at Laurel Park with state-of-the-art modern facilities, and spur community redevelopment efforts in and around Pimlico.

The new clubhouse and events center at Pimlico would be available for community use when not being used for the Preakness or other racing meets. The Stronach Group agreed to contribute the entire Pimlico site to the city to allow for community development in and around the racetrack and the Sinai Hospital area. The plan envisions multi-purpose and community uses for the clubhouse, racing facilities, and infield, including for athletic and recreational purposes.

The Laurel plan includes a new clubhouse, an all-weather Tapeta track, stables, and training facilities in a horsemen's village setting designed in consultation with the state's racing industry.

According to capital plans, the renovations at Pimlico will cost nearly $200 million, and the upgrades at Laurel will cost $173 million.

The Baltimore Sun reported that a key part of the plan is extending the subsidy for the tracks called the Racetrack Facilities Renewal Account, which is funded by slot machine money to pay for track improvements. The Sun reported that supporters of the new proposal want to use the account to help pay off $348 million worth of bonds, to be issued by the stadium authority, that would finance most of the $375.5 million redevelopment.

"This is an historic moment," Young said. "The Preakness Stakes is an important part of the city's legacy and future. Today we submitted a Ietter … to our leaders in Annapolis which we hope they will find to be as thoughtful, significant, and important as do we. By these recommendations, if approved, we can preserve the Preakness Stakes at Pimlico for generations to come and move forward with our redevelopment plans for the Park Heights community, Sinai Hospital, and the Northern Parkway corridor. 

"I could not be any more pleased, excited, or proud. And I want to thank (The Stronach Group chairman and president) Ms. Belinda Stronach for her vision and unwavering commitment to the city, the state, and the racing industry."

Stronach said the plan will benefit racing, Baltimore, and Maryland.

"These are transformative plans for the racing industry in Maryland and will benefit all of the stakeholders in the industry and the communities that surround the facilities. I want to thank the mayor and the Maryland horse industry, along with county executives (Steuart) Pittman and (John) Olszewski, for this important and cooperative effort. I look forward to working with them and state leaders as they review these historic plans," Stronach said.

The Maryland Thoroughbred Horsemen's Association has scheduled a forum to discuss the new plan for 1 p.m., Oct. 8 at the Conference Center adjacent to the Carriage Room in the Laurel Park grandstand. Speakers at the session will include the three lead negotiators on the Pimlico and Laurel deal: Alan Foreman, industry representative; Alan Rifkin, counsel for the Maryland Jockey Club; and William Cole, who represented the city of Baltimore in the talks. 

Reaction from Key Players

"I am delighted by what I have seen in these plans. They are not only thoughtful, but visionary. If these plans are approved, I am confident that Laurel Park will become the model for racing and training facilities in the country," said Anne Arundel county executive Pittman. 

"The horse racing and breeding industries are an important part of Baltimore County's economy and history. I am very pleased by this historic agreement and these forward-thinking plans. I look forward to working with our leaders in Annapolis to further Baltimore County's interests in these discussions," said Baltimore County executive Olszewski.

"I'm honored to have been involved in this project, and I thank the mayor and Belinda for their vision and commitment to Maryland racing. If approved, and I hope it will be, this plan will establish Maryland as the epicenter of Thoroughbred racing in the United States and enhance Maryland's growing breeding industry," said Foreman, chairman and executive director of the Thoroughbred Horsemen's Association.

"This is a first step, but an important one. We believe we have presented for consideration a truly transformative plan for racing and the many stakeholders and communities of interest who are connected to racing and these facilities, and we've done so within existing sources of funds already available to the industry and the city," Rifkin said.

"The plan we present today is not just about racing, it's also about communities and the trajectory of our city. The Pimlico plans will accelerate the revitalization of Park Heights by at least a decade," Cole said.