Plans Progress For Maryland Transition; 150th Preakness In 2025 Likely To Be At Pimlico

1/ST Racing’s exit from Thoroughbred racing in Maryland begins in about 10 weeks when ownership of Pimlico racetrack in Baltimore is transferred to the state on July 1. It continues on Jan. 1, 2025, when operations of Laurel Park are turned over to an as yet undetermined non-profit association that will be responsible for running Thoroughbred racing in Maryland. The non-profit will have a three-year lease at Laurel with the possibility of a one-year extension, if needed, while Pimlico is being rebuilt.

1/ST Racing will host Black-Eyed Susan and Preakness Stakes days at Pimlico in 2024-’25 and at Laurel in 2026, then after that will no longer have active participation in Thoroughbred racing operations in Maryland.

The transition in ownership of Pimlico from The Stronach Group’s 1/ST Racing to the state and racing operations to the non-profit association are a result of legislation passed by Maryland’s General Assembly April 8 that will consolidate Thoroughbred racing to a newly rebuilt Pimlico. The project will be funded through the issuance of $400 million in bonds by the Maryland Stadium Authority. A portion of the $400 million will be used to purchase land and develop a year-round training center to take the place of Laurel Park, which is expected to be developed once racing there draws to a close. No site has been selected yet.

The Maryland Thoroughbred Racetrack Operating Authority, a group formed in 2023 through an act of the General Assembly, negotiated with 1/ST Racing on an agreement for the transition from a privately-owned Thoroughbred racing industry to one involving the state and and a non-profit.

Craig Fravel, executive vice chairman of 1/ST Racing and Gaming, said the 2025-’26 Black-Eyed Susan and Preakness days will be run as a “Breeders’ Cup-type model,” with the non-profit holding the license for the event, but 1/ST Racing controlling ticketing, media rights, sponsorships, activities and events. 1/ST Racing will retain net proceeds for those years.

Beginning in 2027, the non-profit will hold a license to the intellectual property rights to the Black-Eyed Susan and Preakness that are owned by 1/ST Racing. The latter will receive $3 million annually plus 2 percent of gross wagers on the two days, starting in 2027. In 2023, $28.2 was wagered on Black-Eyed Susan day and $101.7 million on the Preakness day card.

Fravel added that the likelihood of the Preakness being run at Pimlico next year – and not at Laurel as had been widely reported – was due to the fact that it would be the 150th running of the Triple Crown’s Middle Jewel. Churchill Downs is hosting the 150th Kentucky Derby this year and is widely promoting the milestone.