Maryland announces rebuilding of Pimlico, exit of Stronach

Although details have not been finalized, the Stronach Group said Friday it is getting out of the business of running Pimlico, agreeing to turn the 153-year-old racetrack over to the state of Maryland for an overdue rebuilding that reportedly would signal the eventual end of racing at nearby Laurel Park.

The announcement was made in a news release from Maryland governor Wes Moore, whose office published the joint statement from Stronach, the Maryland Jockey Club and the new Maryland Thoroughbred Racetrack Operating Authority. That is the non-profit, government agency that was created to take the racing reins from Stronach.

The plan is to run the Preakness at least in 2025 and 2026 at Laurel, where the current Stronach management has focused its Maryland operations for the past four years. After that, according to the Baltimore Sun, Stronach will get out of the Maryland Thoroughbred game except for running the Preakness meet, and the state would have the new Pimlico as its permanent racing with a nearby training hub.

MTROA chairperson Greg Cross told the Sun he expected the Preakness would be run on time in 2027 at Pimlico, which would host 140-160 racing dates each year. Laurel would close after more than 125 years of racing, and the property presumably will be put up for sale.

Maryland has been down this road before. After decades of uncertainty, it was 2020 when the state government budgeted $375 million in bonds to rebuild both Pimlico and Laurel. Ground never was broken on the projects in part because of the onset of the COVID pandemic and then Stronach’s appetite for rewriting them.

There were no dollar figures attached to Friday’s announcement that came with an 81-page development report from Populous, the Kansas City-based company that builds and rebuilds sports venues around the world. Its work includes the home stadiums of the Baltimore Ravens and Orioles.

Lawyers still have to get their hands on this, and the state legislature still has to sign off on the plan, but that last part may be a formality since both houses are controlled by Moore’s fellow Democrats.

The announced exit from Pimlico and perhaps Laurel Park comes five months before Stronach will close Golden Gate Fields in Albany, Calif. It would leave the company with just Santa Anita and Gulfstream Park as its Thoroughbred tracks.

If the plan goes forward, the Preakness would be run for the last time at the old Pimlico on May 18. With the New York Racing Association rebuilding Belmont Park, the Belmont Stakes will be run at least this year and next at Saratoga. That means the 2025 Triple Crown would be hosted by Louisville, Ky.; Laurel, Md.; and Saratoga Springs, N.Y.

This was the full news release from Moore’s office Friday:

“The Stronach Group, the Maryland Jockey Club and the Maryland Thoroughbred Racetrack Operating Authority today announced they have reached the framework of an agreement in principle to preserve and enhance the Thoroughbred racing industry in Maryland. The understanding, subject to the negotiation of definitive agreements, legislative authorization and all required governmental approvals, will enable the MTROA to design and build an iconic racing venue at Pimlico and take over day-to-day racing and training in Maryland.

“The Stronach Group and the Maryland Jockey Club, as the owners of the real properly assets located at Laurel Park and Pimlico Race Course and the intellectual property assets comprising the Preakness Stakes and Black-Eyed Susan Stakes and related festivals, will be working with the MTROA to implement terms for the use of these assets in the short and long term. This will ensure a fluid transition from The Stronach Group and the Maryland Jockey Club as operators to the MTROA in 2025 as well as allow the time needed to develop a new training facility and modernize Pimlico Race Course. The Stronach Group and the Maryland Jockey Club will retain ownership of the intellectual property associated with the Preakness Stakes under a license to MTROA.

“ ‘The Stronach Group and the Maryland Jockey Club remain deeply committed to reinvigorating Thoroughbred racing in Maryland, and this framework agreement represents an important first step in that process,’ said Belinda Stronach, chairwoman, chief executive officer and president of The Stronach Group. “We want to thank the Maryland Thoroughbred Racetrack Operating Authority for working closely with our team and for recognizing our investments in these assets. We look forward to a successful racing season in 2004 as we finalize the details of an agreement that will continue The Stronach Group’s and the Maryland Jockey Club’s positive relationship with Maryland racing for years to come.’

“ ‘On behalf of the MTROA, I'm delighted that we were able to chart a course forward for Maryland racing the will ensure the industry continues to thrive for decades to come," said Greg Cross, chairman of the Maryland Thoroughbred Racetrack Operating Authority. "We appreciate the productive dialogue and partnership with The Stronach Group during this process, and we look forward to working together to deliver a first-class experience for racing fans in Maryland and across the country.’ ”