An apparent breakthrough regarding the fate of Pimlico Race Course and the future of the Preakness Stakes was announced by key players in the long-running saga, signaling the strong possibility that the Second Jewel of the Triple Crown will remain at the legendary track.
A letter dated Oct. 4 addressed to members of the Maryland General Assembly, Baltimore City Council and other elected and government officials outlined a plan that calls for the rebuilding of deteriorating Pimlico, as well as millions of dollars in improvements at Laurel Park at a cost of about $375.5 million. Of that amount, almost $200 million would go toward demolishing and rebuilding Pimlico. More than $173 million would be directed at improving Laurel.
Most of the money would be raised through a bond offering of $348 million by the Maryland Stadium Authority.
