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Potential Pimlico Buyer Could Raze Racetrack

The Associated Press
Friday, April 3, 2009 9:42 AM

A new potential buyer for Maryland's race tracks up for auction by their bankrupt owner could raze Pimlico Race Course to make way for a shopping center.

Pikesville developer Carl Verstandig of America's Realty LLC told the Baltimore Sun on Thursday he could pay in cash for Pimlico and Laurel Park. But he says he will not bid on the Preakness Stakes, the second leg of the Triple Crown.

Last month, Canada's Magna Entertainment Corp., which owns Pimlico, Laurel Park and the rights to the Preakness Stakes, declared Chapter 11 bankruptcy.

Verstandig says he's open to building around the Baltimore racetrack if keeping the Preakness there is a legal requirement. His proposal for Laurel Park includes shops, restaurants and possibly a racetrack, if racing can operate profitably.

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