Laurel Park in Maryland closes, Preakness Stakes sold-off

Yes, it’s unbelievable that the world-famous Laurel Park in Maryland USA is to be sold off and closed for racing in the redevelopment into a best-in-class horse training facility.

Maryland Governor Wes Moore announced that the Maryland Stadium Authority Board voted to approve a $48.5 million agreement with 1/ST Holdings to purchase the 229-acre Laurel Park.

“Today, we are taking a historic step to preserve a legacy that has defined our state for over a century,” Gov. Moore said. “By acquiring Laurel Park we are making it into our statewide training hub.”

“In redeveloping it into a best-in-class horse training facility we are delivering a smarter, more cost-effective path to a world-class racing future.”

“This is cost-effective, creates a sustainable home for our horsemen and ensures that the Preakness Stakes and Maryland racing remain global icons of excellence for generations to come.”

The agreement saves Maryland over $50 million and marks plans to transform the Pimlico Race Course into the heart of Maryland Thoroughbred racing and secure its multi-billion dollar industry.

The acquisition is central to the strategic pivot that consolidates Maryland’s Thoroughbred training operations at Laurel Park while transitioning Pimlico into a premier ‘ship-in’ racing venue.

This projects a saving to Maryland of an estimated $26.3 million in construction costs by utilising existing infrastructure for horse stalls rather than building new stables at Pimlico.

“The MSA Board’s action is significant and truly transformational for a number of reasons,” said MSA Chairman Craig A. Thompson, “as Maryland citizens should be proud of what led to this vote.”

The 151st Preakness Stakes will run at Laurel Park on 16 May 2026, before it returns to a reimagined and modernised Pimlico Race in 2027, where it will be the home of Maryland horse racing.

With Maryland hosting around 120 racing days annually, Laurel Park will remain year-round in providing up to 1,200 stalls renovated by the MSA and state-of-the-art dirt and turf surfaces.

In addition, the Maryland Stadium Authority is still in conversation with Carol County into the future of Shamrock Farms as the future site of a horse training facility, in addition to Laurel Park.

Also, in equally unbelievable news from Maryland is that Laurel Park’s ‘crowner jewel’ the Preakness Stakes will have its intellectual property rights acquired in principle by Churchill Downs.

In an $85 million deal which includes the Black-Eyed Susan Stakes, the Churchill Downs Incorporation has reached an agreement in principle to acquire both famous races from 1/ST RACING.

The agreement includes ownership of trademarks and branding associated with the Preakness, but does not impact operational control of racing in Maryland which remains with Maryland Jockey Club.

Churchill Downs will step into the role held by 1/ST RACING as the intellectual property holder, with those rights licensed back to the State of Maryland under the existing framework.

“We are not going to be disruptive to Maryland racing. We feel we can help,” said Churchill’s CEO Bill Carstanjen, underscoring decisions of governance which remain with Maryland stakeholders.

Churchill Downs Incorporated’s interest in the Preakness is closely tied to its broader strategy surrounding the Triple Crown, as it is the owner of the Kentucky Derby.

Churchill Downs views the Preakness Stakes as a critical component of both its portfolio and the overall structure of the sport, with long-term importance to racing’s sustainability.

Bill Carstanjen described the Triple Crown as central to Churchill Downs’s identity, emphasizing the importance of strengthening its long-term viability and enhancing its national appeal.