A shot of Mine That Bird exercising at the Pimlico Race Course on May 14, 2009 {thanks, AP}

The auction for the Pimlico Race Course and Laurel Park will take place early in 2010, according to the Baltimore Sun. Two Maryland developers, David S. Cordish and Carl Verstandig, have stated interest in buying the tracks and the rights to the Preakness Stakes. No need to worry about the Preakness, though. It’s staying Maryland thanks to a new law that grants “the state the right to seize the event under eminent domain,” reports the Sun. The tracks’ current owners, Magna Entertainment Corp., filed for Chapter 11 bankruptcy protection in March.

So what’s next? The Sun breaks it down: Anyone interested in buying the tracks can submit a proposal to Magna by Nov. 2 (a 10% deposit and evidence that the entire amount will be paid are required). One week later, Magna will present a lead bid to the court, with a list of other bidders to follow.  The auction will be held in mid-January, and the state will be allowed to match the winning bid.

Although many Maryland residents are most likely relieved the Preakness cash cow will be staying put, it’ll be interesting to see the effect of the auction. Also, how will it affect slots and other alternative gambling? It’s a topic to keep an eye on over the next few months.

For the full Sun article, click here.

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