State authority lays out plan to redevelop Pimlico, consolidate Maryland racing

The Maryland Thoroughbred Racetrack Operating Authority recommended consolidating state-supported racing at a single, redeveloped Pimlico site while testifying before the Senate Budget and Taxation Committee on Tuesday. Greg Cross, executive director of the authority, said the plan — described in the authority's "Pimlico Plus" concept — would redevelop Pimlico with a reconfigurable clubhouse, space for a hotel and parking, and capacity to stable roughly 650 horses while creating a separate training facility.

The Department of Legislative Services budget analyst, Patrick Frank, told the committee the authority's proposed FY25 allowance is about $3,200,000 and that DLS "recommends to concur with the allowance." Frank summarized the authority's charge, noted the Racing Community Development Financing Fund authorized up to $375 million in bonds and said DLS sees this hearing as the first annual update on how $17,000,000 in annual support is being used.

Why it matters: The authority said prior redevelopment attempts ran far over budget and that concentrating investment at one site will reduce duplicated capital costs and improve operational focus. Cross said the authority's consultants (Crossroads for economic analysis and Populous for architecture) and the Maryland Stadium Authority would be partners on design and procurement, and that a nonprofit operating model is favored over a for-profit approach the industry has resisted.

Key details: Cross said early capital estimates for the combined plan—excluding the cost of purchasing a separate training site—are in the high hundreds of millions and described training-facility capacity options of about 700–800 horses. He said current operations show about 1,400 horses at Laurel and that Laurel would serve as a transition facility for roughly three years during Pimlico's rebuild, after which the current owner could sell or redevelop Laurel. Cross also said the authority does not plan to request state operating funds: "We are not going to be asking the state for any operating money." Patrick Frank cautioned the committee that capital-cost estimates are uncertain until design and procurement are complete and urged attention to procurement authority for any training-facility purchase.

What the committee asked: Members pressed for pro formas and revenue projections, including revenue from non-racing uses such as event space and hospitality. Cross said operational cost data from current owners have been shared and that a detailed pro forma and final negotiated agreement with the current owner were expected to be available by March 1. Committee members also sought clarity on how any surplus operating revenue would be used; Cross said surplus would be reinvested in the industry and controlled by the authority under lease arrangements with the operator.

Next steps: Cross said the recommendations will feed a separate bill and future hearings after negotiations with the current owner are finalized, with detailed cost and revenue projections to be filed with the committee by March 1. The committee requested the authority and DLS provide the written reports and pro formas when available.