who reversed his position in late March. As Alfred G. Vanderbilt said, "Pimlico is more than a dirt track bounded by four streets. It is an accepted American institution, devoted to the best interests of a great sport, graced by time, respected for its honorable past." The races held at Pimlico, especially the Preakness, draw spectators from the Mid-Atlantic region. In 2007, the official attendance was 121,263 for the Preakness, the most people to watch a sporting event in Maryland history. More than $87.2 million in bets were made. On March 23, 2010, an agreement was reached to sell the two Maryland Jockey Club tracks (Pimlico and Laurel Park) from Magna Entertainment Corporation to its parent company, MI Development. On May 7, Penn National Gaming, with MI Development, announced they would jointly own and operate the Maryland Jockey Club. Penn National, which began in 1973, operating the Penn National Race Course near Harrisburg, Pennsylvania, has grown to become the largest racetrack operator in the country. In June 2011, The Stronach Group took control of the tracks when MI Development bought out Penn National Gaming's minority stake in the Maryland Jockey Club, which owned Laurel Park Racecourse, Pimlico, and Bowie Race Track which is used as a training facility. The Stronach Group is owned by Canadian horse breeder and owner Frank Stronach, who also was MI Development's chairman and chief executive, a position he gave up in order to run Maryland's racetracks. Penn National bought a 49% stake in the Jockey Club in 2010 in hopes of securing a slots license at Laurel Park. In February 2017, the Maryland Stadium Authority released the first phase of a study saying that Pimlico needed $250 million in renovations. In 2018, the track began using a GPS-based timing system. A study into a renovation was ongoing as of January 2018. A report issued on December 14, 2018 suggested the existing buildings be demolished and rebuilt. In a meeting held in June 2018 by the Maryland Stadium Authority, locals "overwhelmingly supported upgrading the track property." The Preakness Stakes took place at Pimlico in May 2019, with media reports suggesting that future Preakness races could be moved to Laurel Park. In October 2019, The Stronach Group reached an agreement in principle with the city of Baltimore and groups representing Maryland horsemen that would permanently keep the Preakness at Pimlico. As part of the agreement, The Stronach