Bill that would fund renovations at Laurel, Pimlico clears Maryland legislature

The Maryland House on Sunday afternoon passed a bill that would provide $375 million in funds for the renovation of Laurel Park and Pimlico Race Course, in a vote that will likely result in the legislation being sent to the governor for his signature by the middle of the week, according to Maryland racing officials.

The House passed the bill 122-8, according to the officials. Eleven days ago, the Senate passed the bill 44-1. The two bills must still pass a procedural hurdle before being sent to Gov. Larry Hogan, but racing officials in the state were confident that the legislation will be enacted prior to the legislature recessing at the close of business on Wednesday due to the coronavirus outbreak.

The Maryland racing industry has pinned its hopes on the legislation as a way to provide for a long-term future for racing in the state and keep the second leg of the Triple Crown, the Preakness Stakes, at Pimlico Race Course in Baltimore. The plan was hashed out late last year by the racing industry and local and state government officials.

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Under the plan, subsidies received by the racing industry from the state’s casinos will be used to underwrite $375 million in 30-year bonds issued by the state, at least initially. That money will be used to completely tear down and renovate both tracks, with large portions of Pimlico’s property being offered for redevelopment and Laurel turned into a year-round racing and training center. The Preakness would continue to be held at Pimlico during a brief meet at the track, with temporary structures being used for the vast majority of ticketed access.

The bill requires the owner of the two tracks, The Stronach Group, to deed the properties to the state or local authorities. The Stronach Group would lease the properties for racing operations and contribute portions of the casino subsidies it receives toward repayment of the bonds.

The plan would require construction to proceed in phases designed to minimize disruptions to racing and training, but those plans have not been entirely hashed out yet. Baltimore City officials who participated in the negotiations over the deal have said that they want the Preakness to be held on the Pimlico property without interruption.

The bill was passed on the same day that the Maryland legislature held a press conference to announce its plans for the current legislative session in the wake of the coronavirus outbreak. The legislature will meet through Wednesday, government officials said, and then recess until a special session in May.