During a budget briefing on Thursday, Feb. 3, the Maryland Stadium Authority's executive vice president Gary McGuigan revealed that the redevelopment of Pimlico Race Course has been delayed by at least two years, reports the Baltimore Business Journal.
“I don't have a detailed timeline,” McGuigan said. “I will say the earliest that I see activity at either facility is most likely after the Preakness in 2023.”
Maryland Governor Larry Hogan allowed the Racing and Community Development Act of 2020 to become law without his signature on May 7, 2020. The legislation called for the Maryland Stadium Authority to issue up to $375 million in bonds for the projects through a combination of funds from the Racetrack Facility Renewal Account, the Purse Dedication Account, video lottery terminal payments to Baltimore City and money from the Maryland Lottery.
The plan includes a new stable area, training facility and synthetic racing surface at Laurel and the ability to use the new Pimlico as a year-round event and community center. A major part of the legislation is keeping the Preakness Stakes at Pimlico and giving the racetrack property to the city.
However, no bonds have yet been sold and neither project has broken ground. Bonds are unlikely to be sold prior to the spring of 2023, according to the Baltimore Business Journal. Ayers Saint Gross has been selected as the designer, but no construction contracts have been awarded.
The Maryland Stadium Authority's delay in bond sales could cost taxpayers at least $34 million, a legislative analyst report explained.
Read more at the Baltimore Business Journal.
