BALTIMORE (WBFF) -- The Maryland Stadium Authority has released a report which says that it would take $300 million to fully refurbish Pimlico Race Course and make it as competitive as Churchill Downs in Kentucky and Belmont Park in New York.
Pimlico is home of the Preakness Stakes, the Second Jewel of the Triple Crown, in thoroughbred racing.
Last year the Preakness drew more than 130,000 fans.
But the Baltimore track, which opened more than 140 years ago, is in desperate need of major renovation.
Pimlico and Laurel Park in Anne Arundel County is owned by the Stronach Group.
During a news conference Friday, Baltimore Mayor Catherine Pugh said she is very optimistic about the new report.
"It will call for public-private partnerships and investment in the track, and we're going to do whatever is necessary, because it creates jobs and opportunities, especially for people who live in that neighborhood.
"We will do everything we can to ensure the Preakness stays in Baltimore."
Delegate Frank Turner, a Democrat who represents Howard County, says "We see racing as a viable industry with 20,000 jobs in Maryland, and we want to make sure that we can remain competitive."