The Maryland Thoroughbred Racetrack Authority (MTROA) has released recommendations for a revamp of Pimlico that could impact horse racing across the state.
On Friday, The Stronach Group, the Maryland Jockey Club and the MTROA announced that they've agreed in principle to a framework "to preserve and enhance the Thoroughbred racing industry in Maryland."
The agreement is subject to legislative approval, but would have the MTROA "design and build an iconic racing venue at Pimlico and take over day-to-day racing and training in Maryland."
They'd be taking over those racing and training operations from The Stronach Group, however the group will retain the ownership of The Preakness Stakes and Black Eyed Susan Stakes with a license to the MTROA.
The recommendations also call on the state legislature to acquire the Pimlico property from the Stronach Group.
According to senior administration officials with knowledge of the agreement, the rebuild of Pimlicio is expected to take 3 years, and the Preakness Stakes would be held at Laurel Racetrack for 2025 and 2026.
Laurel however, which would remain a property of The Stronach Group will likely be redeveloped and no longer remain a racetrack, according to senior administration officials.
"On behalf of the MTROA, I'm delighted that we were able to chart a course forward for Maryland racing that will ensure the industry continues to thrive for decades to come," Greg Cross, the Chairman of the MTROA said.
Belinda Stronach, the CEO, Chairwoman and President of The Stronach Group says they're committed to revitalizing the industry in Maryland.
"We look forward to a successful racing season in 2024 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 for years to come," she added.
Governor Wes Moore in a statement thanked The Stronach Group for their stewardship of Maryland's horse racing in the past and for their work on this agreement.
A consultant team created a feasibility study which shows some different possibilities for a training facility that would be a part of the plan.
