Legislation to help pay for renovation of Laurel, Pimlico clears Maryland Senate committee

A powerful Maryland Senate committee on Friday approved a bill sought by the state racing industry that would allow the state to issue bonds to fund the renovation of Laurel Park and Pimlico Racecourse.

The Senate Budget and Taxation Committee passed the bill unanimously, according to local reports and Maryland racing officials. The bill is expected to be voted on in the full Senate next week, the officials said, and it is likely to pass.

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The legislation, hashed out between members of the racing industry and state and local officials late last year, would allow the state to use casino subsidies to underwrite nearly $400 million in bonds to renovate the two tracks. Under the plan, Pimlico would continue to host the Preakness on a property that would be targeted for redevelopment, while Laurel would become a year-round training center while hosting the vast majority of live race dates.

A companion bill in the House that is nearly identical to the Senate version is expected to be taken up in the next several weeks, according to Alan Foreman, a Maryland racing official who participated in the negotiations on the plan. That bill is sponsored by the speaker of the House, generating optimism from racing constituents that the plan will find wide support.