MD HB1581

The Maryland Stadium Authority becomes the successor to the Maryland Thoroughbred Racetrack Operating Authority for operating the Pimlico racing facility and related community development projects, with all functions, property, and obligations to be transferred within 45 days of the effective date.

The State Racing Commission may issue licenses and award racing days for mile tracks to Maryland Jockey Club, Inc. or a successor thoroughbred racetrack operator designated by the Maryland Stadium Authority.

The thoroughbred racetrack operator must be a nonstock, nonprofit corporation formed under Maryland law, prepare annual accrual-basis financial statements for the Authority, and reimburse the Authority for the cost of a full-time auditor.

Beginning with the first full fiscal year after Pimlico reconstruction, 10% of the thoroughbred racetrack operator's annual net income (after deducting state grants, purse account contributions, and cumulative operating losses) must be distributed as local impact grants.

The Preakness Stakes may only be transferred to another Maryland track due to disaster/emergency or during Pimlico reconstruction with Maryland Stadium Authority approval; the bill takes effect June 1, 2026.