MD Stadium Authority approves $48.5M deal for Laurel Park

Listen to this article

In a move that could advance the future of Maryland’s thoroughbred racing industry, the Maryland Stadium Authority Board of Directors voted to approve a $48.5 million agreement with 1/ST Holdings to purchase Laurel Park, Gov. Wes Moore‘s office announced Monday.

As part of the acquisition, the state would redevelop the 229-acre park into a horse training facility. The agreement marks what Moore’s office calls “a strategic realignment” of plans to transform Northwest Baltimore’s Pimlico Race Course into a statewide thoroughbred racing hub.

The purchase will have to be approved at a Board of Public Works meeting later this year. The 151st Preakness Stakes, scheduled for May 16, will be held at Laurel Park as Pimlico is under renovation.

“Today, we are taking a historic step to preserve a legacy that has defined our state for more than a century,” Moore said in a statement. 

“By acquiring Laurel Park and establishing it as our statewide training hub, we are delivering a smarter, more cost-effective path to a world-class racing future. This agreement is cost-effective, creates a sustainable home for our horsemen, and ensures that the Preakness Stakes and Maryland racing remain global icons of excellence for generations to come.”

According to a release, the move is projected to save Maryland a combined more than $50 million: 

• $26.3 million in construction costs 
• $22.5 million in savings by pursuing market-led development alternatives for the Pimlico site
• Beyond capital savings, the Maryland Jockey Club expects to reduce annual operating expenses by $2.5 million through the consolidation of overnight racing staff at the new training center.

“The MSA Board’s action today is significant and truly transformational for a number of reasons,” MSA Chairman Craig A. Thompson said in a release. 

“The citizens of Maryland and beyond should be proud of the teamwork, diligence and commitment to financial prudence that led to this important vote.”

In addition, MSA officials and the Carroll County government plan to commence discussions on the future of Shamrock Farms, once identified as a prospective horse training facility site.

The announcement came a day before Churchill Downs Inc. announced it reached an agreement with 1/ST Maryland LLC to purchase the intellectual property rights for the Preakness Stakes and Black-Eyed Susan Stakes for $85 million.

The property acquisition recommendation will be sent to Maryland’s Legislative Policy Committee for review.