New racetrack authority outlines financing and tight schedule to rebuild Pimlico, acquire training site

The Maryland Thoroughbred Racetrack Operating Authority briefed the Public Safety, Transportation, and Environment Subcommittee on Feb. 20 on budget, ownership and construction plans after assuming Pimlico’s title on Jan. 1, 2025.

Patrick Frank, DLS analyst, told lawmakers the authority’s cash and authorized financings total roughly $527 million available through 2026, anchored by a $400 million par value bond authorization. The 2025 budget includes a one‑time $10 million pass‑through grant authorized last year for working capital to the Maryland Jockey Club (TMJC). Frank said annual debt service under typical interest assumptions is estimated between about $23 million and $27.5 million; MTROA staff said their current internal planning estimate is approximately $29 million per year.

Mark Rodi, executive director of MTROA, and Greg Cross, the authority’s chair, described operational transitions and near‑term steps. MTROA established Maryland Jockey Club Inc. to run day‑to‑day racing operations on Jan. 1, 2025, and reported 127 racing days scheduled for 2025. Rodi said the authority completed eight action items from its 2024 plan, including staffing and setup, and said it is coordinating with the Maryland Stadium Authority (MSA) on design and construction oversight.

Lawmakers asked about Laurel Park and the arrangements for racing while Pimlico is rebuilt. MTROA said it secured a lease for Laurel Park for $1 for two years (through the end of 2027) with a one‑year option to extend into 2028 for $3.5 million if Pimlico reconstruction is not complete. The authority also described a training facility site roughly 23 miles from Pimlico; MTROA reported an approximate $4 million acquisition cost for that site and said schematic design and site planning work are underway.

Frank told the subcommittee the authority’s six‑position staffing complement includes three filled and three vacant positions; MTROA said it is evaluating operational needs before filling remaining pins. The authority noted that many early consultants and some short‑term contracts were fronted until the Maryland Jockey Club took operational control; TMJC now carries day‑to‑day operating expenses.

MTROA acknowledged tight schedules and construction risks. Rodi said the authority is moving to schematic design and value‑engineering and plans to begin demolition shortly after the Preakness in 2025; construction, he said, is expected to begin in the fall, with overlapping design and construction phases to meet the compressed timetable. The authority requested time to finalize board appointments, operating agreements and construction plans and said it will provide progress reports to the committee in August and December.

Lawmakers asked MTROA to provide additional documentation on procurement, minority‑ and women‑owned business participation, consultant agreements and the final operating agreement and to clarify the use of the $10 million grant passed to the Jockey Club. No formal votes were taken at the hearing.