Maryland’s $600 Million Racing Bet Comes as Churchill Downs and NYRA Reshape the Sport’s Calendar

Maryland is pouring hundreds of millions of dollars into the future of Thoroughbred racing in Baltimore, even as the sport’s biggest operators forge a new national series that leaves the state’s signature race on the outside looking in.

The state is committing roughly $400 million to a rebuilt Pimlico Race Course, plus about $120 million to convert Laurel Park into a year-round training facility. This summer, Maryland also paid $85 million to keep control of the Preakness Stakes and Black-Eyed Susan Stakes brands after Churchill Downs Incorporated (NASDAQ: CHDN) moved to acquire the intellectual property. Churchill Downs shares closed recently at $81.91, down 1.66% on the day, valuing the company at about $6.07 billion.

A new national series — without Pimlico

The spending comes at a pivotal moment. Belmont Park is reopening after more than three years of construction and a $555 million overhaul, featuring a five-story, 1.25-million-square-foot facility. Meanwhile, the New York Racing Association and Churchill Downs are launching a six-race Thoroughbred Championship Series in 2027, linking the Kentucky Derby, Belmont Stakes, Matt Winn Stakes, Jim Dandy Stakes, Travers Stakes and a season-ending championship race at Churchill Downs. Pimlico is not part of the lineup.

That leaves Maryland in a distinctive position: making one of the largest racing investments in its history while its crown jewel sits outside an effort designed to string together the nation’s top 3-year-old races into a season-long competition.

Analysts: preservation, not an arms race

Thomas Rhoads, an economics and sports business professor at Towson University, told The Baltimore Sun that the outlays shouldn’t be read as a racetrack spending war. In Maryland’s case, he said, the goal is protecting a broader ecosystem of farms, training centers and wagering operations. “All the spending at Belmont and Pimlico and Laurel Park is, in some sense, simply to maintain the status as a premier brand in horse racing,” Rhoads said, adding that the investment can be seen as an attempt to keep the industry rooted in the state.

He also noted that the rise of online sports betting nationwide has intensified competition for wagering dollars, a market Churchill Downs participates in through its online wagering businesses.

Frank Vespe, founder of TheRacingBiz.com, similarly framed the construction as “a rational response to a set of problems facing the racetrack operators,” noting that venues hosting marquee events like the Preakness and Belmont were aging as the economics of the sport shifted.

A new date for the Preakness

Excluded from the series, Maryland is charting its own course. The 152nd Preakness is scheduled for Sunday, May 23, 2027, at the rebuilt Pimlico — a week later than its traditional third-Saturday-in-May slot. The Black-Eyed Susan will shift from Friday to Saturday, creating a two-day festival culminating in the Preakness. Officials say the extra week after the Kentucky Derby gives horses more recovery time and positions Baltimore as a Memorial Day weekend destination.

The changes reflect an effort to keep the Preakness relevant as the sport vies for fans, owners and top horses. Churchill Downs operates live and historical racing venues, online wagering platforms and regional casino properties across the United States.

What to watch

• Churchill Downs’ next quarterly earnings report, including performance in its live and wagering segments.
• Details on the 2027 Thoroughbred Championship Series, including purses, points structure and media partnerships.
• Construction milestones at the rebuilt Pimlico ahead of the May 23, 2027 Preakness.
• Nominations and participation of top 3-year-olds under the revised Preakness timing.

Source: original release