Published July 6, 2026 at 3:56 PM EDT

The Maryland Board of Public Works (BPW) approved the state purchase of Laurel Park on Wednesday with the intent to convert the racetrack into a thoroughbred training facility.

The acquisition is Maryland’s latest move to become more involved in the state’s $2.9 billion equine industry.

In 2024, BPW approved the transfer of ownership of Pimlico Race Course – home of the Preakness Stakes in Baltimore – from The Stronach Group to the State of Maryland.

Pimlico is currently undergoing a $400 million renovation, which prompted Laurel Park to host the 151st Preakness Stakes this past May.

The state agreed to purchase Laurel Park for $48.5 million, but facility renovations are expected to cost an additional $130 million.

The state was initially slated to turn Shamrock Farm in Carroll County into a training facility after purchasing the property last year for $4.5 million.

But Chair of the Maryland Stadium Authority (MSA) Craig Thompson expects the conversion of Laurel Park over Shamrock Farm to save the state $50 million.

“Today's acquisition will ensure both the Pimlico redevelopment and training center projects remain on track to be completed within MSA’s budgeted authorized amount by the General Assembly,” Thompson told BPW.

The move comes on top of the state’s decision last month to acquire the intellectual property (IP) rights to the Preakness Stakes and Black-Eyed Susan for $85 million.

“Laurel will be one of the backbones of Maryland's racing industry. It's been a home of Maryland racing for many decades, and it will be a great use as a training facility,” said Chairman of the Maryland Jockey Club Board Jim Drescher. “This also, in addition to the purchase of the Preakness IP, puts Marylanders in full control of our future, and so now we have all the pieces of the puzzle for our industry to succeed.”

While BPW unanimously approved the purchase of Laurel Park, the acquisition did raise concerns for State Treasurer Dereck Davis.

If no other state agency wants to purchase the Shamrock Farm property, the state will sell it.

Davis asked Gary McGuigan, executive vice president of MSA’s Capital Projects Development Group if the state could sell Shamrock Farm at a loss, to which McGuigan responded “there's always a chance that could happen.”

“We're making a big bet on horse racing, and frankly, I just don't see it. We can talk about the revenue, but what about the cost? We put literally hundreds of millions of dollars into this, and we have to look at the opportunity cost,” Davis said during BPW’s meeting.

Davis says he’s worried the state is trying to keep “a dream, an industry afloat.”

But State Comptroller Brooke Lierman is hopeful that these latest acquisitions by the state could be the turning point for the equine industry’s profitability, and Drescher agrees.

“With the reconstruction of Pimlico, which I think it's going to be a fantastic fan experience, I think Maryland will be known [for] the Ravens, the Orioles and the Preakness again,” Drescher said. “It's a tough road, but I think that we're in a very good place to have a lot of success.”

The majority of the renovations at Pimlico are expected to be completed in time for the 152nd Preakness Stakes in May 2027.