The Maryland Stadium Authority (MSA) has completed Phase Two of Baltimore’s Pimlico Race Course Study, which revealed that the cost of replacing the 148-year-old facility with minimum capital improvements would cost approximately $424 million.

Key findings included the following:

  • The physical condition of the facility presents significant challenges, which, if not addressed, may threaten its continued existence and the success of the Preakness Stakes.
  • Despite its physical condition, there do not appear to be situational factors such as location, accessibility, the surrounding neighborhood, etc. that would negatively affect Pimlico Race Course’s ability to remain the long-term home of the Preakness Stakes.
  • The study proposed an extensive renovation of the existing facility to address issues related to code, safety and security, operational efficiency, revenue enhancement, visitor experience and accessibility. The order of magnitude cost estimate range to complete the renovation was between $248 million and $321 million.

The initial Pimlico Race Course Study was released in February 2017. The full version of the new report is available at