Maryland to Offer $241.6 Million in Revenue Bonds for Pimlico Improvements

By Stephen Nakrosis

The Maryland Stadium Authority is offering about $241.6 million in taxable revenue bonds to finance improvements to the Pimlico Race Track facility in Baltimore.

The bonds are a limited obligation of the Authority, and are backed by a trust estate, which includes revenue from certain state lottery proceeds, according to documents on MuniOS. In fiscal-year 2024, Maryland reported aggregate lottery sales of $2.73 billion.

The offering includes $73.6 million of serial bonds with maturity dates between June 15, 2027, and June 15, 2040. The offering also includes a $41.4 million term bond with a maturity date of June 15, 2045, and a $126.7 million term bond with a maturity date of June 15, 2055. Interest on the bonds will be payable beginning June 15, 2026, and on each subsequent June 15 and Dec. 15.

Pricing of the bonds is scheduled for Dec. 8 and 9, with closing scheduled for Dec. 23.

Planned work on the Phase One project at Pimlico includes improvements to equine facilities, access roads, the concession pavilion and restroom. The project also includes the construction of certain temporary structures. Following completion of Phase One, which is expected prior to May 15, 2027, the Authority intends to issue additional bonds for a second phase of improvements.

The Maryland Stadium Authority was created in 1986 to direct and finance the acquisition and construction of sports facilities in the state. Since that time, the Authority's responsibilities have expanded to include cultural, entertainment, school and other projects in Maryland.

B of A Securities is listed as the offering's manager. Morgan Stanley and Raymond James are co-managers for the offering.

The bonds were rated AA by S&P Global Ratings and by Fitch Ratings.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 04, 2025 15:17 ET (20:17 GMT)