Sports
$375M Preakness Deal Involves Rebuilding Racetrack, Adding Grocery Store And Hotel
"I believe this is a win-win for horse-racing, for the city, for the state, for the industry," Alan Rifkin of the Maryland Jockey Club said.
BALTIMORE, MD — It’s official. Preakness is staying in Baltimore. Over the weekend, a $375 million deal was struck between city officials, Pimlico’s owners and the horse racing industry to keep the second leg of the Triple Crown in the city.
Officials said it’s a "generational win" for keeping the historic race in the city. This deal was born out of the city dropping a lawsuit against the group that owns the racetrack. Pending state approval, the run-down racetrack is set to get a $200 million rebuild.
"It’s a revolutionary plan. It’s transformative. It’s iconic, and I believe Maryland racing will become the epicenter of the thoroughbred industry," said Alan Foreman of the Maryland Thoroughbred Horsemen’s Association.
