Baltimore is about to “lose tens of millions of dollars in visitor spending” as the Preakness leaves Pimlico for at least a year, even as Maryland taxpayers spend more than $500M to “rebuild the city’s ancient racecourse and preserve the event’s long-term future,” according to Barker & Cohn of the BALTIMORE SUN. The Preakness will be run May 16 at Laurel Park, while its traditional home is being rebuilt with $400M in state funding. The “much smaller and more exclusive version at Laurel Park will be almost unrecognizable” from Baltimore’s Preakness. Sources said that with Pimlico out of commission this year, Baltimore will “lose out on proceeds from a 10% admissions and amusements tax on Preakness tickets collected by the state comptroller’s office and returned to the city.” Sources added that the revenue “amounts to several hundred thousand dollars a year at most” and “fluctuates based on Preakness attendance.” Barker & Cohn noted only 4,800 two-day tickets will be “allotted for this year’s race at Laurel, turning it into more of a made-for-TV showcase than a traditional large-scale public event.” Laurel Park has “no usable infield,” so this year’s Preakness will “look less like a fairgrounds and more like a cocktail party” (BALTIMORE SUN, 4/24).
Baltimore to lose millions with Preakness being held at Laurel Park
