MD: FUTURE OF PREAKNESS REMAINS IN LIMBO
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BALTIMORE (WBAL) — Gregory Yarberough has gotten used to seeing and hearing renovations underway at Pimlico and imagining the future of the Preakness.
“It has always been a crowning jewel for the city,” said Yarberough, who lives across the street from Pimlico.
Other neighbors, who live near Pimlico, also point out the benefits of Preakness over the years and anticipation about the future of it.
“When the Preakness was going on, it was packed over here,” said Clive Owens, who owns a business across from Pimlico. “I got a whole lot of customers came to me over here.”
Vernal Harrell, who also lives across from Pimlico, added, “It has brought jobs to the young people…It’s a positive thing because, I’ve gotten to meet a lot of people from different countries, different states and different cities.”
But neighbors worry things could change and the future of the Preakness may not be as bright as they thought.
On Monday, Churchill Downs and the New York Racing Association announced the creation of a new six-race thoroughbred championship series, starting with the Kentucky Derby on May 1 then jumping to the Belmont in New York in June.
The schedule does not include Preakness or any race at Pimlico.
“I think it’s very, very devastating and disappointing for everybody in this neighborhood as well as the city as a whole,” said Yarberough.
“The Triple Crown has always been a crown in racing, you know, and so people look forward to Churchill Downs. They look forward to Belmont and, definitely in this city, they look forward to the Preakness and I think it’s going to be a big, big loss for the city if they’re not able to recover from it,” Owens added. “I was hurt…some of this stuff is going to go down.”
Dr. Daraius Irani, the chief economist for the Regional Economic Studies Institute at Towson University, worries the economic impact of Preakness could come down too.
“This could basically put an end, you know, or diminish it significantly because, you know, it’s not as exciting, anymore, and perhaps, you know, you don’t get the top-rated horses coming and all those things,” Dr. Irani said. “It has long-term implications.”
All of this comes after Churchill Downs tried to buy the intellectual rights to the Preakness, but the state of Maryland matched Churchill’s $85 million offer. The state now owns the rights.
“You want to hold an asset that’s increasing in value, not decreasing in value, and this announcement by Churchill Downs may push down the value of that investment,” said Dr. Irani. “You know, it really is a wait-and-see attitude as to what’s going to happen.”
Governor Wes Moore announced he will host a press conference Wednesday and make a major announcement about the Preakness.
Park Heights Renaissance shared a statement with WBAL TV 11 News saying:
“While Park Heights Renaissance and its Board continues to assess what these changes may mean for Park Heights, one thing remains certain: our priority is, and always will be, the people. Neighborhoods are strongest when those who call them home are at the center of every decision. Grounded in lived experience and deep roots in Park Heights, we will continue working alongside our partners to ensure sustained investment, expanded opportunity, and collective impact. Together, we will build a stronger, more vibrant Park Heights where everyone has the opportunity to thrive.”
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