Tag: Horse Racing
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How a $375 Million Plan Became a $715 Million Problem
Maryland’s horse racing redevelopment plan escalated from $375 million to over $715 million through five decisions made without public cost-benefit analyses. Key decisions included concentrating racing at a rebuilt Pimlico, abandoning Shamrock Farm, purchasing Laurel Park, and acquiring the Preakness IP, all while lacking transparency and accountability.
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Pimlico Has No Plan for the Other 364 Days
The new Pimlico Race Course, meant to be a year-round economic hub, currently supports only the Preakness Stakes, raising concerns about its long-term viability. Despite significant investments, no substantial programming or events are announced for the remaining 364 days, provoking skepticism among local residents and officials regarding its projected economic impact.
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What Moore Announced — And What Comes Next
Governor Wes Moore’s press conference outlined major updates for the Preakness Stakes, including a historic Sunday date and a broadcasting deal with NBC through 2032. While the announcements were substantial, concerns about governance, competition with new racing series, and the economic implications for Maryland’s $633 million investment remain unaddressed.
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The Hand They’re Not Playing: How Maryland Can Rebuild Horse Racing After the Preakness Shake-Up
Maryland faces a critical moment in revitalizing the Preakness and its horse racing legacy. With options to build independent coalitions and focus on a four-race calendar, Maryland has the chance to create a significant racing framework by 2028. Immediate action is necessary to secure this future and leverage its unique assets.
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Nine Minutes. One Question.
The press conference by CDI and NYRA lasted only nine minutes, addressing their new Thoroughbred Championship Series, which excludes Maryland’s Preakness. This prompted criticism regarding the lack of communication and potential negative impact on the Triple Crown. Maryland may face challenges if included in the series under CDI’s terms.
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Blindsided, Again
Churchill Downs announced a Thoroughbred Championship Series without including the Preakness Stakes, surprising Maryland officials who only learned of the plan through media. This follows Maryland’s $85 million acquisition of the Preakness IP. The series threatens the future of the Preakness and represents a significant strategic shift in American racing.
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The Bet That Already Lost
Governor Wes Moore’s $85 million investment in Preakness Stakes’ intellectual property failed as Churchill Downs built a competing championship series, omitting the Preakness. CDI strategically divested remaining Maryland properties, indicating its departure from the state. Maryland’s efforts to secure horse racing prominence were undermined, raising concerns about governance and operational competency.
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The Governor Bought a Horse Race
Governor Wes Moore’s administration committed $85 million in taxpayer funds to acquire the Preakness Stakes brand, amid rising costs and budget deficits in Maryland. Critics argue this move prioritizes political gain over essential infrastructure needs and question the governance and management of this state-owned commercial property, with significant financial risks involved.
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Maryland Is Trying to Buy Back a Race It Never Should Have Lost
Maryland plans to spend $85 million to reacquire the Preakness Stakes brand, previously owned by Churchill Downs Incorporated (CDI). The state’s history of mismanagement raises concerns about its ability to effectively steward racing assets. CDI, with its successful track record, holds significant leverage in the negotiations.
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Did Churchill Downs Give Wes Moore Buyer’s Remorse?
Governor Wes Moore’s $48.5 million purchase of Laurel Park, aimed at strengthening Maryland’s thoroughbred racing industry, faces a 45-day financial review that raises concerns. Past mismanagement and Churchill Downs’ acquisition of the Preakness name limit the state’s leverage. Moore must clarify if the investment strategy remains solid amid these challenges.
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