Maryland is spending big on horse racing. But the competition is changing.

Maryland has embarked on a massive $520 million project to secure its position in the horse racing industry, despite facing new competition from evolving racetrack developments. The state is investing $400 million to construct a new Pimlico Race Course and another $120 million to revamp Laurel Park into a year-round training facility. The state also secured the intellectual property rights to two prestigious races, the Preakness Stakes and Black-Eyed Susan Stakes, after their acquisition by Churchill Downs was attempted.

As Belmont Park undergoes a $555 million transformation, Maryland's commitment to its horse racing industry stands out, as the state's signature race, the Preakness, is not part of the new national Thoroughbred Championship Series. This positions Maryland uniquely in the industry's competitive landscape.

Economics and sports business professor Thomas Rhoads cautions against interpreting the spending as a direct race among racetracks, emphasizing that the investment aims to maintain Maryland's status as a premier brand in horse racing. The industry faces increased competition from online sports betting, which has created a new challenge for horse racing to remain competitive in the betting market.

Frank Vespe, founder of TheRacingBiz.com, believes that modern spectators expect upgraded venues, particularly those hosting major events. Maryland's racetracks hosting events like the Preakness and Belmont Stakes have aged and require necessary upgrades to meet the changing economic climate of the sport.

Maryland officials have decided to alter the schedule of the Preakness, moving it from its traditional third Saturday in May to Sunday, May 23, 2027, at the rebuilt Pimlico. This change aims to provide horses with an additional week to recover after the Kentucky Derby and create a larger Memorial Day weekend destination in Baltimore.

The Black-Eyed Susan will also shift from a Friday to a Saturday race, creating a two-day festival culminating in the Preakness. Maryland officials believe these adjustments will make the Preakness more appealing in an era where the sport must compete for fans' attention, owners, and top horses.

While Maryland has invested heavily in creating facilities capable of supporting racing for decades, other jurisdictions are also investing in their tracks and major events. Belmont's reopening is a testament to this trend. Maryland's strategy is different, as the state aims to keep Baltimore at the center of the sport despite the evolving national racing calendar. The state's investment is expected to support over 28,000 jobs and generate $3 billion in economic activity annually for Maryland.