Maryland leaders announced plans to transform the Preakness Stakes into a full-scale festival starting in 2025. The festival will span months and include family-friendly events, the traditional horse races and a headline concert, spreading across the city and the state.

First Lady Dawn Moore, who will co-chair the new Preakness Festival, said attending the Kentucky Derby two years ago sparked the idea for a Maryland version of the event.

“It was my first time at the Derby, and I was absolutely amazed by the level of engagement,” she said. “You could feel the Kentucky pride, and I thought, ‘The state of Maryland could do something of our own, and honestly, we could do it better.’”

During the announcement at Camden Yards on Wednesday, Gov. Wes Moore said the festival will generate excitement and be a financial boon to the state as well.

"Maryland's horse industry alone generates around $3 billion every year and supports over 25,000 jobs,” Gov. Moore said. “About a quarter of Maryland's agricultural sector, which is the largest sector in Maryland's economy, comes from the equine industry. ”

Terry Hasseltine, Executive Director of the Maryland Sports Commission and President of Sports & Entertainment, explained that Preakness brings in about $41 million, while the Kentucky Derby brings in about $396 million, adding that taking from the Derby’s playbook works.

Mayor Brandon Scott sees Preakness 150 as an opportunity to highlight Baltimore’s ongoing revitalization.

“As a son of Park Heights, Preakness hasn't always been a place where we felt welcome. It was held in Northwest Baltimore, but it was very clear that it wasn't for Northwest Baltimore. Over the past few years, we’ve begun to change that narrative by bringing the surrounding communities into the fold.”

FUTURE OF PIMLICO

In 2026, the Preakness will be temporarily held at Laurel Park while Pimlico Race Course undergoes redevelopment. The event is expected to return to Baltimore in 2027.

Earlier this year, the Maryland General Assembly passed legislation for the state of Maryland to take ownership of Pimlico Race Course. The Board of Public Works also approved $400 million in bonds, to upgrade the dilapidated track.

Delegate Sandy Rosenberg, who represents northwest Baltimore, told WYPR in May that the redevelopment will benefit surrounding communities. “10% of those profits will go toward redevelopment in the neighboring communities around the track,” said Rosenberg.

Those redevelopment efforts include local hiring opportunities at the track, a grocery store, a hotel and event space.

In 2027, residents will see more activity at Pimlico, as all horse racing in Maryland is scheduled to relocate there.

That will result in 140 days of horse racing annually.

You can learn more about the Preakness Festival here.