A state audit revealed the disbanded Maryland Thoroughbred Racetrack Operating Authority failed to establish key agreements and oversight procedures during its existence, raising concerns over the management of tens of millions in public funds tied to the horse racing industry.
The fiscal compliance probe, released this week by Legislative Auditor Brian S. Tanen, examined MTROA’s operations from its creation on June 1, 2023, through its legislated dissolution on June 30, 2025. MTROA was established to oversee the revitalization of Maryland’s thoroughbred racing venues, including the $400 million redevelopment of Pimlico Race Course, before its responsibilities were transferred to the Maryland Economic Development Corp. and the Maryland Stadium Authority.
Auditors concluded that MTROA did not finalize written agreements with The Maryland Jockey Club, the nonprofit created to manage day-to-day racing operations beginning in 2025. The report said the authority failed to formalize terms governing a $10 million working capital advance to TMJC or define each entity’s roles and responsibilities for managing Pimlico and a planned training facility.
Those agreements, Tanen’s office wrote, are “critical for establishing oversight” of the millions of dollars the General Assembly authorized for redeveloping Pimlico and related facilities. Without them, the report said, the state lacks assurances on how funds will be spent and how operational responsibilities will be shared.
Following the June 30 sunset of the Maryland Thoroughbred Racetrack Operating Authority, the General Assembly assigned the auditing duties to the Stadium Authority, according to board member William Cole. MTROA officials told auditors they began drafting an operating agreement with TMJC in late 2024 but were unable to complete it before the agency was dissolved.
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