The Preakness Stakes would generate $52.7 million in economic activity each year if the iconic horse race remained in Baltimore at a rebuilt Pimlico Race Course, according to a new study.
More than 90 percent of the activity — including visitor spending and purchases of goods and services to operate the race — is projected to occur in the city of Baltimore, said the study by the University of Baltimore’s Jacob France Institute.
The Baltimore Development Corporation released the study Friday afternoon before the House Ways and Means Committee considered a pair of racing-related bills. The Baltimore Sun obtained an advance copy.
Baltimore is fighting to preserve the Preakness in the future at a rebuilt Pimlico track.
As Pimlico faded, its owners were pouring money into their Laurel track. Was anyone watching?
The Stronach Group, owner of Pimlico and the Preakness, said the nearly 149-year-old Pimlico is no longer suitable and that a renovated Laurel Park — about 30 miles away — would be a better alternative for Maryland and the racing industry.
Click here to read the rest of the article written by Jeff Barker over at the Baltimore Sun