Despite Churchill Downs unveiling intentions to acquire the intellectual rights of the Preakness Stakes and Black-Eyed Susan Stakes races in April, the State of Maryland has chosen to exercise its right to acquire the IP by matching the operator’s $85m proposal.
Churchill Downs CEO Bill Carstanjen released a statement following the decision, having said, “We understand why the state of Maryland would decide to acquire the Preakness IP rights as a state-owned asset from 1/st Maryland LLC.
“We remain committed to working with the Governor and other elected leaders and horse racing constituents in Maryland to fully realize the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape.”
Maryland will acquire the Preakness IP from 1/st Maryland, including all trademarks and associated rights of both races.
The Black-Eyed Susan and Preakness Stakes are traditionally observed at Pimlico Racecourse during May, with three-year-old fillies and Thoroughbreds running in each race, respectively.
At the time of acquisition, Churchill Downs was set to undergo an exclusive license agreement procedure with the State of Maryland to ensure the intellectual property rights necessary for the running of the event were secured.
“In keeping ownership of the Preakness intellectual property in the racing industry, CDI will support efforts to fully realize the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape,” Carstanjen said on April 21.
In Kentucky, Churchill Downs hosted the grand opening ceremony for its new Marshall Yards Racing & Gaming facility on February 25, a 23,000 sq ft venue which features 225 historical racing machines, a retail sportsbook and simulcast wagering.
Marshall Yards Racing & Gaming will help support purse funding for Oak Grove Racing, Gaming & Hotel in Kentucky and represents the eighth historical racing and entertainment venue launched across the state by Churchill Downs.
Churchill Downs reported record first-quarter net revenue of $663m for Q1 2026 on April 23, up 3% year-over-year, as gains in live and historical racing offset a softer showing in its gaming division
