Laurel Park

Stronach Group COO Tim Ritvo sees grim future for Preakness at Pimlico

Stronach Group COO Tim Ritvo sees grim future for Preakness at Pimlico

Tim Ritvo, the chief operating officer of the Stronach Group, said in a news conference Saturday afternoon at Pimlico Race Course before the 143rd Preakness that there are no plans on the table to invest more of the organization’s funds into the 148-year-old facility.

The Stronach Group owns and operates Pimlico and Laurel Park.

“We’ve made it pretty clear that we’re not going to put any funds into it,” Ritvo said. “No. 1, we don’t have any funds to put into it. We’re a privately owned company that has no debt and we’re in good shape. But at the same time we’re not looking to pour hundreds of millions of dollars into a facility here and continue to renovate Laurel.”

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