Inflation, rising interest rates, supply chain issues, and seemingly-endless site redesigns have effectively halted progress on the 2020 plans for redeveloping Pimlico and Laurel Park racetracks in Maryland, reports MarylandMatters.org. Now, the many stakeholders are trying to develop a new plan that would likely mean closing one of those tracks.
Whereas Laurel Park was initially seen as the prime property for horse racing, attention is now focused on Pimlico, the home of the Preakness. One reason for that is that The Stronach Group, owner of the Maryland Jockey Club which operates the two tracks, would be subject to an altered tax code that would cost TSG approximately $40 million if it accepts state money for improvements at Laurel. TSG is expressing a desire to sell Laurel Park and receive compensation for that venue, Maryland Matters reports.
Of course, that solution would leave another issue on the table: 450 more stalls would need to be built, along with a training facility, to house the state's current horse population. One option is the old U.S. Naval Academy Dairy Farm in Gambrills, which could house as many as 1,150 stalls, but the cost of compensating TSG for the property is another limiting factor.
Lawmakers' initial plan in 2020 was to authorize $375 million in bonds for the Racing and Community Development Financing Fund — $180 million to Pimlico and $155 million to Laurel. A legislative budget analysis shows that the delay in bond sales and rising interest rates has cost more than $80 million in potential proceeds; overall, the estimated redevelopment cost would now be between $535 million and $725 million.
“You know, I remain convinced today that we will find a way through this,” said Bill Cole of the Maryland Stadium Authority, which is tasked with overseeing the redevelopment. “I do believe that there are solutions. I mean, we're working through every possible scenario … working collaboratively to make certain that we leave no stone unturned on a viable solution.
“I would say at this point, you know, every scenario is being thoroughly vetted.”
Read more at MarylandMatters.org.
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