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State authority outlines $400 million Pimlico rebuild plan, $10 million pass‑through to Jockey Club
Summary
The Maryland Thoroughbred Racetrack Operating Authority told legislators it plans a Pimlico Plus renovation funded by up to $400 million in bonds, including a one‑time $10 million pass‑through to the Maryland Jockey Club; analysts warned of multidecade debt service and asked for construction updates.
The Maryland Thoroughbred Racetrack Operating Authority (MTROA) detailed the Pimlico Plus renovation and associated financing to the Appropriations Education and Economic Development Subcommittee, including bond authority increases and plans for a new training facility.
Patrick Frey, a legislative budget analyst, said recent 2024 legislation expanded project scope, raised the maximum debt issuance from $375 million to $400 million in par value bonds and removed a prior $17 million cap on annual debt service, meaning annual debt service could rise above that level depending on issuance timing and interest rates.
Frey presented an analysis projecting annual debt service…
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