The Maryland Thoroughbred Racing Board met July 15 to discuss preparations for the 150th Preakness Stakes (G1) at Pimlico Race Track May 17, 2025.
Monday’s meeting was originally scheduled for later in the month, but was moved up to accommodate a presentation by the Maryland Sports and Entertainment Corporation, a nonprofit affiliated with the Maryland Sports Commission that incubates, organizes events and provides leadership through sports in the state of Maryland.
In partnership with MTROA, the organization is developing a public-private partnership group and leadership committee to organize and execute commemorative activities leading up to and surrounding the 150th Preakness.
“The people of Baltimore, Maryland and our visitors can participate in, witness and enjoy annual activities that celebrate the history, longevity and culture that originates from the Preakness,” said Group President Terrance Hasseltine.
Hasseltine said the long-term goal is to establish a sustainable model similar to the Derby Festival in Louisville, Ky., which holds annual celebratory events throughout April leading up to the Kentucky Derby (G1). According to the Derby Festival website, a 2011 study by the University of Louisville MBA program estimated the Derby Festival’s overall annual economic impact at $127.9 million.
Thunder Over Louisville fireworks, the Derby Festival’s biggest event, seen from the roof of Churchill Downs
Pimlico’s facilities and the popularity of the race have declined in recent years.
“There have been Preakness festivals in the past that have built on the Preakness and promoted the Preakness as a larger civic event,” said MTROA President Greg Cross. “Those festivals have dwindled over the past few years. I personally would like to see a resurgence as we begin operating the Preakness at the new facility.”
MTROA transferred ownership of the Pimlico facility from the Stronach Group on July 1. The state will also take over all regular racing and training operations on January 1. However, Cross reiterated that the Stronach Group will still own the rights to the Preakness until after the 2026 race.
“We don’t have any economic stake in the Preakness next year,” Cross said, “but the community and the state of Maryland have a huge stake in it and we always want the tournament to be successful.
“They have a race and we’re trying to promote it to help them. We’ll do it with them, but this is our attempt to promote around it.”
Hasseltine described the budget for the Preakness 150 project as a “moving target” while they identify feasible activities, analyze their limitations within the Maryland budget and explore the possibility of raising capital in the private sector.
According to Hasseltine, the festival will have an “anchor” event to celebrate the Preakness. That event will likely be a primetime concert, and talks are underway with the Baltimore Ravens and Orioles about the idea of hosting a “big concert” at one of their stadiums.
Hosts will be supported throughout the week through events such as fireworks, drone shows, balloon festivals and more.
“We’re taking some of the existing events that have happened in the past and re-imagining them, reviving them and bringing them to the forefront to create a celebratory week leading up to the Preakness 150,” Hasseltine said. “Just building the energy and the momentum.
“Those discussions are ongoing until we can figure out what is actually going on in the construction and development of the complex.”
Construction of the new Pimlico track is expected to begin this fall, with all racing and training activities set to cease at Baltimore Oval on September 1.
MARYLAND THOROUGHBRED: Pimlico operations to cease September 1 before rebuilding begins
The original plan was to demolish the grandstand and all but three barns ahead of the 2025 Preakness, but Cross revealed Monday that the grandstand will remain in place for another year.
“It really adds to the cost and doesn’t save us any time and makes things more complicated,” Cross said. “We’re going to tear it down after the Preakness. … It doesn’t slow us down, it just saves us money and makes it more efficient.”
Pimlico Stand to be demolished after 2025 tournament
Plans call for the 2026 Preakness to be held at Laurel Park while construction at Pimlico is due to be completed ahead of the 2027 edition.
“The hope is that if (the festival) is successful, it will provide a template for us moving forward,” Cross said. “When we get to 2027, we’ll be in the best position possible to reinvigorate the Preakness Festival.”
The MTROA board of directors has approved supporting the Maryland Sports and Entertainment Corporation’s Preakness 150 effort with the expectation that they will receive a more in-depth development proposal in approximately the next 60 days, which will reveal interested parties and a conceptual plan.
Park Heights Renaissance CEO Yolanda Jiggetts expressed her excitement for the project. Her nonprofit, which empowers local neighborhoods around Pimlico, started a community festival three years ago with the same goal.
“We’re here to help,” Jiggetts said. “This sounds like it would be completely complementary to what we’re doing.”
“Part of that process is making sure that we’re working with community leaders who are already doing some of the activities and how we connect those activities to make sure that they’re part of the larger program of the whole thing, which is the Preakness celebration,” Hasseltine said.
