Pimlico Plus bonds receive AA rating
Frank Vespe
December 10, 2025
The state Board of Public Works on Dec. 3 okayed the Maryland Stadium Authority’s proposal to issue up to $250 million in taxable revenue bonds to support the Pimlico Plus project to revitalize the state’s racing facilities.
The bonds are expected to be offered for sale this week.
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The Pimlico Plus project, overseen by the Stadium Authority, is expected to provide entirely new facilities for the state’s racing industry. The project is intended to lead to a renovated Pimlico Race Course with greatly improved customer-facing facilities and some on-site training, along with a new training center.
The training center chosen by the now-shuttered Maryland Thoroughbred Racetrack Operating Authority was Shamrock Farm, for which the state paid approximately $4.5 million.
That is, however, “a difficult site,” Stadium Authority Executive Vice President Gary McGuigan told The Racing Biz. A variety of issues offer challenges, and McGuigan acknowledged he had also been on a site visit to Reisterstown’s Sagamore Farm. Some horsemen also continue to advocate for Laurel Park as the training center location.
Under Maryland law, the Stadium Authority is permitted ultimately to issue up to $400 million in bonds to support the Pimlico Plus project. The debt is to be serviced by a combination of funds accrued over the past several years, moneys from the slots-fueled Racetrack Facilities Renewal Account, contributions from the horsemen’s purse account and Baltimore City, and money from the state Lottery.
The Stadium Authority’s offering amounts to up to $243.4 million, including serial bonds with maturity dates ranging from 2027 to 2040 and term bonds maturing in 2045 and 2055. The Stadium Authority expects to issue a second tranche of bonds within 18 months.
The bonds have received a rating of AA from both Fitch and S & P, signifying high credit quality and relatively low risk to the investor.
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