The owners of Pimlico Race Course would need a "heavy commitment" from the city of Baltimore and state of Maryland if it is to keep running the Preakness Stakes at the 147-year-old racetrack in light of a study to be released Friday calling for $300 million in renovations.
The high price tag raises the question of whether the track should undergo a complete overhaul, or if relocating the Preakness is a more viable option.
Tim Ritvo, chief operating officer of Canada-based Stronach Group, which owns Pimlico and Laurel Park, said the company is not opposed to keeping the Preakness at Pimlico if the city and state are willing to help front the costs. But from the company's standpoint it makes more sense to invest in one racetrack. Laurel Park is newer than Pimlico and will run around 140 days of racing this year compared to only 12 at Pimlico.
"It is hard for us to see why we would invest in two different facilities so close to each other and try to be financially responsible," he said. "It makes sense to have one facility unless the state and city think [the Preakness] is important enough and are willing to invest in the facility.
"From an operational standpoint, it is not a struggle to operate two facilities. What is a struggle is investing in two facilities."
The Maryland Stadium Authority launched the $175,000 Pimlico study in May. Mayor Catherine Pugh, who has been briefed on the report, confirmed the contents Frida y. The report suggests a public-private partnership may be needed for the overhaul, Pugh said. Ritvo said Stronach Group has not had any discussions with other potential private partners.
Pugh said she was confident the Preakness will continue to be held in Baltimore for the long haul. Pugh added the city will aid in seeking public-private partnerships to pay for renovations to the facility, but she would not say how much the city is willing to give toward any rebuilding efforts.
Ritvo said Stronach Group just received the final copy of the study, but they were disappointed it included only a renovation that would not address some of the company's concerns about growing the Preakness, including the ability to put in skyboxes and making the track visible from all angles.
"This will take a serious commitment but it doesn't address some of the logistic issues," he said. "In surveys one of the worst complaints was not being able to see the race from the other side of the track, so we need to raise that side. We can't do that in a renovation, but in a rebuild."
The Preakness is the second leg of horse racing's Triple Crown and last year's event drew a record 135,256 people.
Should the Maryland Jockey Club, which operates Pimlico and Laurel Park for the Stronach Group, seek to try and move the Preakness from Pimlico, it would need approval of the General Assembly.
The next step will be a second phase of the study that is scheduled to last about six months and look at options for development strategies and funding.
Despite the questions that need to be answered, Ritvo said the first phase of the study was a great first step and Stronach Group is willing to keep the Preakness in Baltimore.
"We feel better than anytime we have been here in resolving these problems," he said. "The Stronach Group has invested heavily in Maryland and we will come in [to Pimlico] a couple weeks every year and operate the Preakness if that is what the Stadium Authority, the city of Baltimore and the state of Maryland want. But the investment will be heavy."