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02-03-2023, 08:37 AM
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#1
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Registered User
Join Date: Aug 2012
Posts: 8,798
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the Pimlico renovations are way over budget
Least surprising story ever, and the latest chapter in the silliness of Baltimore trying to keep the Preakness without wanting to spend the necessary money to keep the Preakness.
https://www.baltimoresun.com/politic...rfm-story.html
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02-03-2023, 11:39 AM
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#2
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@TimeformUSfigs
Join Date: Jan 2002
Location: Moore, OK
Posts: 46,826
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Paywall.
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02-03-2023, 02:12 PM
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#3
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,501
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02-03-2023, 02:16 PM
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#4
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@TimeformUSfigs
Join Date: Jan 2002
Location: Moore, OK
Posts: 46,826
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Quote:
Originally Posted by PaceAdvantage
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Grazi.
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02-03-2023, 02:29 PM
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#5
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,501
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That's a great site, btw, to get any story behind a paywall.
All you need to do is put the link in there, and if it doesn't already exist, it will create it in a few minutes...
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02-03-2023, 06:40 PM
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#6
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Registered User
Join Date: Apr 2019
Posts: 518
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Quote:
Originally Posted by dilanesp
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I can't think of too many places that are lining up to build horse tracks the size necessary to support an event like this. And no, it's not leaving Maryland or even Baltimore City.
Annapolis will figure this out. The Maryland Stadium Authority just gave the Ravens $600M in bonds to upgrade M&T, and the Orioles are in the process of working out the details for $600M in bonds to upgrade Oriole Park. And most importantly, the State of Maryland is committed to its horse racing industry.
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02-03-2023, 07:39 PM
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#7
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Join Date: Mar 2001
Location: Reno, NV
Posts: 16,908
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Quote:
Originally Posted by PaceAdvantage
That's a great site, btw, to get any story behind a paywall.
All you need to do is put the link in there, and if it doesn't already exist, it will create it in a few minutes...
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Oh, that's a keeper!
Thanks.
Dang... just re-upped my Inc.com subscription ($9 per year).
That's the only pay-for sub I have - except for the charities (i.e. Wikipedia, Wayback Machine, etc.).
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02-04-2023, 07:38 PM
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#8
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,501
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02-05-2023, 01:49 AM
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#9
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Registered User
Join Date: Aug 2012
Posts: 8,798
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Quote:
Originally Posted by The_Turf_Monster
I can't think of too many places that are lining up to build horse tracks the size necessary to support an event like this. And no, it's not leaving Maryland or even Baltimore City.
Annapolis will figure this out. The Maryland Stadium Authority just gave the Ravens $600M in bonds to upgrade M&T, and the Orioles are in the process of working out the details for $600M in bonds to upgrade Oriole Park. And most importantly, the State of Maryland is committed to its horse racing industry.
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Football and baseball are far more important to voters, and baseball especially brings in a lot more revenue for the state.
The reality is this is a very bad use of public money. It may still happen, but it's not 100% to happen.
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02-05-2023, 06:20 AM
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#10
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Registered User
Join Date: Jan 2022
Posts: 780
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ADW's have sucked the ROI out of investing in race grandstands. Just demolish the decrepit ones and have fans watch without a grandstand of significance. Whatever monies spent can be applied to revitalizing race surfaces.
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02-05-2023, 04:07 PM
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#11
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Registered User
Join Date: Apr 2019
Posts: 518
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Quote:
Originally Posted by dilanesp
Football and baseball are far more important to voters, and baseball especially brings in a lot more revenue for the state.
The reality is this is a very bad use of public money. It may still happen, but it's not 100% to happen.
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Nah, this project isn't just about a racetrack. Park Heights is right across the highway from one of the most expensive areas of Baltimore, and this project is going to spur development through its mixed-use plans. Redeveloping that neighborhood, adding event, green space, and business opportunities is a good use of public money.
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02-05-2023, 04:33 PM
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#12
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Registered User
Join Date: May 2004
Posts: 7,332
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This is about something else, mostly at least.
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02-06-2023, 12:19 AM
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#13
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Registered User
Join Date: Aug 2012
Posts: 8,798
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Quote:
Originally Posted by The_Turf_Monster
Nah, this project isn't just about a racetrack. Park Heights is right across the highway from one of the most expensive areas of Baltimore, and this project is going to spur development through its mixed-use plans. Redeveloping that neighborhood, adding event, green space, and business opportunities is a good use of public money.
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You know, they could still do that stuff without renovating Pimlico.
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02-06-2023, 09:33 AM
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#14
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Registered User
Join Date: Apr 2019
Posts: 518
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Quote:
Originally Posted by dilanesp
You know, they could still do that stuff without renovating Pimlico.
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Not with state and md sports authority money
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02-06-2023, 09:54 AM
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#15
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Registered User
Join Date: Mar 2005
Location: Queens, NY
Posts: 20,602
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Quote:
Originally Posted by dilanesp
Football and baseball are far more important to voters, and baseball especially brings in a lot more revenue for the state.
The reality is this is a very bad use of public money. It may still happen, but it's not 100% to happen.
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That article was a good lesson on the economics of racetracks relative to alternative uses of the property.
Quote:
Dennis Coates, an economist at University of Maryland, Baltimore County, is skeptical of the state potentially buying Laurel Park. He’s skeptical, too, of the renovation itself, calling the amount that it’s over budget “astounding.” He worries the state will “end up footing this enormous bill.”
He predicted that, if the state bought the property, it would not produce a return on investment that justifies spending the money.
“There is nothing about the state owning a racetrack that is an essential government function,” he said.
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