A state audit has found that the now-disbanded Maryland Thoroughbred Racetrack Operating Authority (MTROA) failed to establish essential agreements and oversight procedures during its operation from June 2023 to June 2025. This lack of formalized contracts, particularly with The Maryland Jockey Club (TMJC), which was set to manage daily racing operations, raised significant concerns about the management and accountability of tens of millions in public funds allocated for the $400 million redevelopment of Pimlico Race Course and related facilities. The audit highlighted that critical terms, including a $10 million working capital advance and the division of operational responsibilities, were never finalized, leaving the state without clear assurances on fund usage or management roles.

Following MTROA’s dissolution, oversight responsibilities were transferred to the Maryland Stadium Authority. Although MTROA officials began drafting an operating agreement with TMJC in late 2024, they did not complete it before the agency was dissolved. The audit underscores the importance of formal agreements to ensure proper oversight and accountability in managing large public investments in Maryland’s thoroughbred racing industry.