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n a surprising turn of events, the Pimlico Race Course, beset by financial woes, has elected to shut down its off-track betting facility. The Maryland Jockey Club, owner of the Pimlico and Laurel Park tracks, has notified employees about the closure, which is slated for June 30. This date coincides with the expiry of a crucial agreement governing racing operations in the state.
Mike Rogers, the acting president of the Jockey Club, expressed the difficulty of making this decision. He stated, “The Pimlico OTB has been a valuable part of our organization for many years, providing a convenient location for our customers to enjoy thoroughbred racing.” He also acknowledged that this news might be disappointing for many. Going forward, the company aims to concentrate on providing resources and assistance to the employees affected by the closure.
Despite the significant implications, the Maryland Racing Commission was not informed about the closure. The upcoming Commission meeting, scheduled for June 6, is expected to bring this matter to the forefront for discussion.
The racing industry in Maryland has been experiencing challenging times, a fact that has been underscored by the shutdown of the Pimlico off-track betting facility.
Pimlico had a strong reputation amongst gamblers, demonstrated by the 2021 annual report from the Racing Commission, which showed wagers worth over $11.3 million for the year. With 199 operational days annually and 59 live racing days, Pimlico had been a bustling site. Now, bettors might need to shift their activities to the Timonium Race Course and Horseshoe Baltimore.
The 10-year deal involving the Maryland Jockey Club, Maryland Thoroughbred Horsemen’s Association, the Maryland Horse Breeders Association, and Laurel Park and Pimlico, extended by six months as of December 31 last year, concludes on June 30. Up to this date, the racing calendar for Pimlico remains intact, with live racing events until June 4 and simulcasting until June 30.
The Maryland Jockey Club has recently proposed a reduction in its share of the prize money from races as a cost-cutting measure. The newly formed Maryland Thoroughbred Operating Authority is expected to facilitate discussions between the Club, horsemen, and breeders.
Through the Purse Dedication Account, horsemen and breeders receive 6% of the state revenue generated from video lottery terminals if the total amount is less than $100 million. For the next fiscal year, beginning the day after the shutdown, the budget is set at $81.8 million for both tracks: thoroughbred, receiving 80% of the amount, and standardbred, getting the remaining 20%.