Maryland legislature OKs bill to transfer Pimlico to state

Both houses of the Maryland legislature approved a bill that would transfer ownership of Pimlico to the state and create a nonprofit company to operate horse racing there.

As Daily Racing Form reported, Gov. Wes Moore is expected to sign the bill. It calls for Maryland to issue $400 million in bonds to rebuild Pimlico and build a training center at another site.

1/ST Racing will transfer ownership of Pimlico to the state, but it will continue to own Laurel Park, which will host racing while Pimlico is being rebuilt. the nonprofit Maryland Thoroughbred Racetrack Operating Authority will assume operation of Pimlico on July 1.

1/ST will receive $3 million from the nonprofit each year for rights to the Preakness and Black-Eyed Susan Stakes, according to the report, and 2.5 percent of the gross wagering on those two days of racing.

An amendment added to the bill requires 10 percent of the operating company's profits to be distributed to local organizations near Pimlico, according to the report. And the company's board will have representatives of the communities near Pimlico and the site of the new training center, which has not been determined.