Pimlico Race Course, which is the annual home of the Preakness Stakes, is going to be undergoing a massive renovation. Maryland Governor Larry Hogan signed a bill that allowed the Maryland Stadium Authority to issue up to $375 million in bonds to renovate Pimlico.

"This is truly a defining moment in the history of the Maryland thoroughbred racing industry and the state, and we are most appreciative," counsel for the Maryland Jockey Club and Preakness Stakes Alan Rifkin said.

According to the Associated Press, the Racing and Community Development Act was put into place in order to make changes to Pimlico and transform it into a multipurpose venue. When races aren't being held, the track can be utilized for community events, recreational events, and more.

"The legislation paves the way for an enhanced Preakness in Baltimore, the revitalization of year-round racing at Laurel Park and reinvestment in the many communities of interest near and related to the racing industry," chairman and president of The Stronach Group Belinda Stronach said.

There was speculation that Pimlico may lose the Preakness Stakes since there were improvements that needed to be made. However, now with renovations set to take place, Maryland will continue to be the home of the Triple Crown race.

In 2020, the coronavirus pandemic forced the postponement of The Preakness Stakes. which was originally scheduled for May 16. As of right now, a new date has yet to be announced.