Pimlico demolished, Preakness moved to Laurel Park, Maryland buys the track for $400M — the full chaos
The 150-year-old Preakness Stakes is being held at a different racetrack for the second year in a row. The original Pimlico Race Course in Baltimore was demolished. The state of Maryland bought what was left for $400M+. A new Pimlico is rising from the rubble in time — maybe — for the 2027 Preakness. Here's how it all happened.
The slow collapse — condemned, then bailed out
If you watched the 2019 Preakness on TV, you saw a packed grandstand. What the cameras didn't show: sections of that grandstand had been condemned by state inspectors for months. The wooden upper-tier seating had been deemed structurally unsound. Sections were closed off behind temporary fencing.
The track's owner — The Stronach Group (since rebranded to 1/ST Racing) — had let maintenance slide for years. They owned multiple US racetracks and had been gradually shifting their focus and capital to Santa Anita in California and Gulfstream Park in Florida. Pimlico, despite hosting the second leg of the Triple Crown, was the orphan child.
In 2020, The Stronach Group floated a trial balloon: move the Preakness Stakes to Laurel Park permanently. Laurel Park, also in Maryland but 25 miles south of Baltimore in Anne Arundel County, was a smaller venue Stronach also owned. The idea was to consolidate Maryland racing at one facility and let Pimlico be redeveloped into housing or commercial real estate.
The reaction from Baltimore was instant and furious. The Preakness had been at Pimlico every year since 1909 — a 115-year continuity that anchored the city's racing identity. Maryland politicians scrambled. The Baltimore Sun ran daily op-eds. Mayor Brandon Scott called the proposed move "an unconscionable betrayal of Baltimore."
The $400M state bailout — Maryland buys the track
In 2022, after two years of legislative pressure and negotiation, the Maryland General Assembly passed a $400M+ funding package to buy Pimlico from The Stronach Group and rebuild it. The structure: Maryland Stadium Authority would own and operate the track; 1/ST Racing would retain ownership of Laurel Park as part of the deal.
This was a politically risky move. Maryland was using state-backed bonds against future racing handles to fund a private-industry venue. Critics in Annapolis pointed out that horse racing nationally was a declining sport and that the state was making a $400M bet on something most legislators wouldn't even attend.
The state's pitch: the Preakness is a Baltimore tradition, the May infield party draws 100,000+ visitors, the city's restaurants and hotels benefit from the weekend, and losing the race would deepen Baltimore's economic decline. The vote passed 92-49 in the House and 36-11 in the Senate.
The demolition + the Laurel Park interim — chaos for bettors
The last race ever held at the original Pimlico was the 2024 Preakness Stakes on May 18, 2024 — Seize the Grey won, defeating Mystik Dan (the Kentucky Derby winner) in the process. Demolition crews moved in within weeks.
The Laurel Park interim — what went wrong
The 2025 Preakness at Laurel Park was a mess. The smaller track couldn't accommodate the traditional Preakness Saturday crowd of 130,000. The infield party — a Baltimore Preakness tradition — was cancelled. Sponsors quietly grumbled that the brand felt diminished.
Betting handles dropped 31% from 2024 levels. TV ratings were down 18%. Several traditional Preakness undercard races were dropped from the card because Laurel's stakes calendar was already crowded.
The Maryland Jockey Club spent millions on infrastructure to make Laurel Park work — temporary grandstands, additional betting windows, expanded parking. None of it satisfied the purists.
The 2026 Preakness at Laurel Park (May 16, 2026) was modestly better than 2025 — handle declines moderated, TV ratings stabilized — but the consensus was clear: Laurel Park is not Pimlico. The state and the racing industry needed the new Pimlico to be ready.
The new Pimlico — 2027 reopening, no guarantees
Construction on the new Pimlico began in June 2024 and is currently scheduled to complete in spring 2027 — in time for the 152nd Preakness Stakes on May 15, 2027. The new venue specs:
- Capacity: Approximately 110,000 (similar to old Pimlico) but with modern infrastructure
- Track: Same 1-mile dirt main track + 7/8-mile turf course
- Clubhouse: Modern climate-controlled facility with redesigned betting concourse
- Infield experience: Reimagined to compete with Churchill Downs' infield (which generates massive revenue at the Derby)
- Year-round programming: Designed to host year-round racing + outdoor concerts + festivals (the old Pimlico hosted ~10 race days per year before condemnation)
As of June 2026, the Maryland Stadium Authority releases monthly progress updates. The project is on schedule as of this writing but has tight margins. If construction slips even 30 days, the 2027 Preakness shifts back to Laurel Park — and the state's political bet looks worse.
What's at stake for 2027 — the Triple Crown context
The Preakness venue saga matters because the race is the middle leg of the American Triple Crown. The Kentucky Derby (Churchill Downs, May 1, 2027) and the Belmont Stakes (rebuilt Belmont Park if ready, June 5, 2027) bookend it.
If a horse wins the Derby, the Preakness is where Triple Crown momentum either builds or breaks. The venue chaos has made that calculus harder. Smaller, weirder, unfamiliar tracks change strategy: jockey approach, trainer prep, even media coverage. The horse racing world wants Pimlico back.
Whether the new Pimlico actually opens on time is now one of the more consequential storylines in American horse racing for 2027.