Little actual progress has been made in the last three years, outside of revisions to the original plans and note of the ever-rising costs, now estimated at nearly twice the $375 million originally approved. The proposed amendments come as the track redevelopment costs continue to increase, driven up by a combination of inflation, rising interest rates, supply chain issues and site redesigns. Under one scenario, Laurel Park would close, but Pimlico alone is only large enough to house about 450 horse stalls and would require finding another site for a new training facility and track with room for an additional 1,150 horse stalls.Ĭomplicating the matter - and perhaps the deal breaker - is a change in the federal tax code that would likely cost The Stronach Group, the Canada-based track owner operating here as the Maryland Jockey Club (MJC), an estimated $40 million, if it were to accept state money directly for improvements at Laurel Park. Redevelopment costs have skyrocketed and plans for the tracks’ revitalization have deteriorated to the point that many now believe that only one of the two tracks can survive, and the primary focus has changed from Laurel Park to Pimlico, the more valuable home of the Preakness Stakes in Baltimore. The new Maryland Thoroughbred Operating Authority and fund would only exist for four years and one month, under the proposal. The new fund eventually would also include proceeds from the sale of $375 million in bonds that were authorized in 2020 by the legislature for redeveloping the two tracks, but never sold. The proposed nine-member board, to be called the Maryland Thoroughbred Operating Authority, would oversee a new Maryland Racing Operations Fund, which would include money transferred from the existing Racing and Community Development Facilities Fund that is intended for the track improvements. 7, after being introduced and assigned there the day before. The departmental bill has remained in Budget and Taxation since Feb. The original bill, Senate Bill 720, was a simple reauthorization extending the sunset date of the Maryland Horse Racing Act – laws governing horse racing in the state – by 10 years, until 2034. “All I want right now is to … just get an initial look at the race track bill that’s before us and the amendments that have come in, which are significant from what it was,” Guzzone told the committee. The committee plans on taking the matter up again Tuesday. Guzzone (D-Howard), chair of Budget and Taxation, circulated a 10-page reprint of the bill to committee members Monday, but the panel did not have time to hear an explanation or fully discuss the amendments before an evening Senate floor session. In an effort to spur stalled plans for improving the Pimlico Race Course and Laurel Park tracks, the Senate Budget and Taxation Committee is weighing extensive amendments to a routine bill to establish a new state authority with sweeping powers over Maryland horse racing. Photo by Jay Cannon/Capital News Service. A multiyear multi-million-dollar renovation of the race course and nearby neighborhood promised by legislation passed in 2020 has not yet begun. The entrance to Pimlico Race Course in Baltimore.
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