Plans for Pimlico, Laurel Earn Panel Approval
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Photo: The Stronach Group
An artist's rendering of a concept for Pimlico Race Course
A $389 million plan to overhaul Pimlico Race Course and Laurel Park cleared a key hurdle in the Maryland General Assembly Feb. 28.
According to the Baltimore Sun, the plan won approval by the Senate Budget and Taxation Committee on a unanimous vote, sending the measure to the full Senate for consideration next week. The bill, sponsored by Sen. Guy Guzzone, was introduced Feb. 4, and a reading on the bill took place Feb. 25.
"We're doing this in a financially responsible way," Guzzone told the Sun. He said he's "very optimistic" the plan will be approved by the Senate.
The Racing and Community Development Act lays out a plan for the Maryland Stadium Authority to issue up to $375 million worth of bonds to pay for renovations at Pimlico in Baltimore and Laurel Park in Anne Arundel County.
According to the Sun, the plan calls for using only $348 million in bonds, plus $24 million that's built up in a state account that subsidizes racetrack upgrades and a one-time $17 million payment from the lottery to reach the $389 million price tag.
The Stronach Group, which owns the tracks, would turn over the Pimlico property to the city or a city-designated entity, and it would become a multi-use property that would host sports tournaments and other events most of the year.
The Maryland Stadium Authority would manage Pimlico for most of the year, under revisions to the plan made in the Senate. Then the Stronach-owned Maryland Jockey Club would lease the property for a few weeks each spring to run its racing meet that includes the Preakness Stakes (G1).