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Framework in Place to Enable MTROA to Rebuild Pimlico, Conduct Maryland Racing

Edited Press Release

The Stronach Group, the Maryland Jockey Club, and the Maryland Thoroughbred Racetrack Operating Authority (“MTROA”) today announced they have reached the framework of an agreement in principle to preserve and enhance the Thoroughbred racing industry in Maryland.

The understanding, subject to the negotiation of definitive agreements, legislative authorization, and all required governmental approvals, will enable the MTROA to design and build an iconic racing venue at Pimlico and take over day-to-day racing and training in Maryland.

“The Authority's report represents an important next step for the industry, and I look forward to working with the General Assembly and the Maryland Thoroughbred Racetrack Operating Authority to finalize an agreement that ensures this important industry continues to create jobs and drive economic growth for years to come,” said Governor Wes Moore, whose office issued the release.

The Stronach Group and the Maryland Jockey Club, as the owners of the real property assets located at Laurel Park and Pimlico Race Course and the intellectual property assets comprising the GI Preakness S., the GII Black-Eyed Susan S. and related festivals, will be working with the MTROA to implement terms for the use of these assets in the short and long term.

“The Stronach Group and the Maryland Jockey Club remain deeply committed to reinvigorating Thoroughbred racing in Maryland, and this framework agreement represents an important first step in that process,” said Belinda Stronach, Chairwoman, Chief Executive Officer and President, The Stronach Group.

The agreement will allow a fluid transition from The Stronach Group and the Maryland Jockey Club as operators to the MTROA in 2025, as well as allow the time needed to develop a new training facility and modernize Pimlico Race Course. The Stronach Group and the Maryland Jockey Club will retain ownership of the intellectual property associated with the Preakness S. under a license to MTROA.

“On behalf of the MTROA, I'm delighted that we were able to chart a course forward for Maryland racing that will ensure the industry continues to thrive for decades to come,” said Greg Cross, Chairman of the Maryland Thoroughbred Racetrack Operating Authority.

Click here to access the MTROA report.

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Maryland Racetrack Authority Bill Passes House, Heads to Governor’s Desk

Legislation which will create the Maryland Thoroughbred Racetrack Operating Authority (MTROA) was passed by the state's House of Representatives by a vote of 132-2 on Apr. 10, the last day of the state's 2023 General Assembly session. Previously Senate Bill 720 , which is designed to participate in the development of racing and training facilities in the state and operate in the best interests of Thoroughbred racing, passed the state Senate by a 47-0 vote Apr. 6.

The bill also states that, “If necessary, the authority will manage and oversee day-to-day racing operations and live racing days and, in coordination with the Maryland Economic Development Corp., acquire property for operations; enter into any agreements, leases, partnerships or contracts needed for pari-mutuel wagering and compliance with rules and regulations.”

The bill also would, “prop up a new ownership group for racing and training,” should the The Stronach Group (1/ST Racing), the owner/operator of the Maryland Jockey Club's Laurel Race Course and Pimlico, exits racing in the state.

Five members of the MTROA will be appointed by the governor–one of two nominated by the Maryland Thoroughbred Horsemen's Association (MTHA), one of two nominated by the Maryland Horse Breeders Association (MHBA), and three other members who possess relevant industry, business or government experience, including one in real estate or finance. Other members are the Chair or Executive Director of the both the Maryland State Archives (MSA) and the Maryland Economic Division (MEDCO), one who is not an elected official appointed by the Senate President and one who is not an elected official appointed by the Speaker of the House. Additionally, three non-voting ex-officio members will be appointed by the governor–one who resides near Laurel, one who resides near Pimlico, and one who resides near the old Bowie Training Center, which is being given to the city of Bowie and University of Bowie. The other non-voting ex-officio member will come from the Maryland Racing Commission.

The MTROA will be in place for four years and one month but could be extended through statutory changes if necessary. The bill, which is set to take effect on Jun. 1, now heads to the desk of Governor Wes More, who is expected to sign it.

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