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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 in a range of about $23 million to $28.9 million for a $400 million issuance over a 30‑year profile at assumed interest rates of roughly 4%–5.5%. He also said the Stadium Authority provided a high‑end top‑line estimate of about $29 million.
Freed from day‑to‑day racing operations in 2025, MTROA’s oversight includes a one‑time, passthrough grant of nearly $10 million to the Maryland Jockey Club in 2025, Frey said; he asked the authority to provide the legislature details on how that pass‑through will be spent. MTROA staff confirmed the $10 million is a pass‑through created by the 2024 legislation and said they would comment at the board level on the spending plan.
MTROA Executive Director Mark Brody and board chair Greg Cross told lawmakers the authority completed 2024 setup tasks and that the Maryland Jockey Club Inc. assumed daily operations beginning 01/01/2025. Brody said MTROA believes the industry contributes about $2 billion annually to Maryland’s economy.
Questions from subcommittee members touched on contracts, procurement and minority business participation. Brody said several contracts were competitively solicited where practicable; some were sole‑source where specialized expertise was scarce. He said the authority is tracking minority and women‑owned business participation and that the nonprofit Maryland Jockey Club’s board will be appointed once an operating agreement is finalized.
The authority identified a 55‑acre training site about 23 miles from Pimlico with capacity for roughly 650 horses and said demolition at Pimlico could begin after the Preakness. Frey said the authority should provide construction‑cost updates for August and December to inform spending and fiscal planning.
The subcommittee asked for more details about the $110 million budget figure for acquisition and construction at the training facility; MTROA clarified those funds would cover acquisition and construction of barns for 800 horses, dormitories, a track and support facilities. The hearing included no formal votes.
