Pimlico Plus bonds are rated AA * The Racing Biz

Pimlico Plus bonds are rated AA

• Frank Vesp
• December 10, 2025

The state Board of Public Works on Dec. 3 approved the Maryland Stadium Authority’s proposal to issue up to $250 million in taxable revenue bonds to support the Pimlico Plus project to revitalize the state’s racing facilities.

The bonds are expected to be offered for sale this week.

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The Pimlico Plus project, overseen by the Stadium Authority, is expected to deliver brand new facilities for the state’s racing industry. The project will see a refurbished Pimlico Racecourse with greatly improved customer-facing facilities and a range of on-site training, along with a new training centre.

The training center chosen by the now-closed Maryland Thoroughbred Racetrack Operating Authority was Shamrock Farm, for which the state paid about $4.5 million.

However, that is “a difficult location,” said Stadium Authority Executive Vice President Gary McGuigan The racing world. A variety of issues present challenges, and McGuigan acknowledged that he also visited Sagamore Farm in Reisterstown. Some riders also continue to advocate for Laurel Park as the location for the training center.

Under Maryland law, the Stadium Authority may ultimately issue up to $400 million in bonds to support the Pimlico Plus project. The debt must be paid off through a combination of funds built up over the past few years, money from the slot-fueled Racetrack Facilities Renewal Account, contributions from the riders account and Baltimore City, and money from the state lottery.

The Stadium Authority’s bid is up to $243.4 million, inclusive serial bonds with maturities ranging from 2027 to 2040 and term bonds maturing in 2045 and 2055. The Stadium Authority expects to issue a second tranche of bonds within 18 months.

Have the bonds received an AA rating from both Fitch and S&P, which means high credit quality and relatively low risk for the investor.

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