The Preakness Stakes, one of the most anticipated events in the American horse racing calendar, took place on Saturday at the Pimlico Race Course in Baltimore, Maryland. The occasion is the second of three events forming the renowned Triple Crown, joining the ranks of the Kentucky Derby and the Belmont Stakes. For generations past it has been lauded for its world-class thoroughbred racing as well as for its bright social scene.
Traditionally characterized by glamor and revelry, the Preakness Stakes draws a diverse crowd, from wealthy socialites to passionate horse racing enthusiasts. This year, though, attendance crashed, with just 46,000 attendees compared to 131,000 in 2019. Even with this reduction, the event continued to be a cultural and economic touchstone.
The Preakness Stakes Inspired by its signature cocktail, the Black-Eyed Susan—named for Maryland’s official flower—the Preakness Stakes is the second leg of the Triple Crown. The drink is served inside a unique trophy made of 30 pounds of sterling silver. Beauty like this doesn’t come cheap. This breathtaking artwork was recently appraised at roughly $4 million. Woodlawn Vase, made by Tiffany & Co., is considered “the most valuable trophy in sports.” This particular distinction raises the event’s prominence to a whole new level.
Despite the friendly atmosphere with jubilant fans enjoying the sport, the recent Preakness years have not come without their tragic incidents. Most memorably, in 1998, one man infamously leaped over the fence mid-race and tried to punch one of the horses. These types of moments serve to underscore the raucous reputation of some attendees, a reputation that over the years has become one of the event’s many myths.
Ray De Rubin of Baltimore, a frequent visitor to the Preakness, enjoys betting on the horses. He talked about what’s up with betting and took the time to explain what’s going on with the economy. “You can’t watch the market. It’ll give you a heart attack,” he remarked, emphasizing the stress that accompanies financial investments. De Rubin had money riding on three different horses this year, but especially on horse number five, who ended up coming in dead last.
The disparity between this year’s attendance numbers and those of years past raises serious doubts about overall economic direction. Just look at the 150,000 people that packed the Kentucky Derby earlier this month. Though this number is mighty, it’s not enough to reach the record high of 170,000 set back in 2015. Bill Carstanjen commented on these fluctuations: “We didn’t have the endless pool of demand that we’ve seen in prior years.”
Though the overall total is down considerably, this year’s wagering activity surrounding the Preakness Stakes proved strong. In the week leading up to the event, bettors placed a record $348,000 in betting futures. That amazing total broke last year’s record of $260,000. This increase is a sign that even if attendance has decreased, the demand for betting is still going strong.
100 million Maryland is betting big to save the Pimlico Race Course. In addition to upgrading their current facilities, they are designing and building a brand new training center with cutting edge amenities. This beautiful landmark has long needed restoration, and this effort will return it to its former glory and welcome more visitors for years to come.
Many participants looked back at the overall economic environment that shaped their experiences at events like these. Peter Rotondo mentioned concerns about financial scrutiny: “I don’t want the IRS coming after me.” Meanwhile, Justin Balthrop observed that economic despair can drive individuals toward riskier behavior: “People who reach a certain level of despair will start to take on more risk, in an effort to literally gamble their way back to a place where they feel like they can be more comfortable.”
Despite challenges, many attendees remain hopeful about future economic conditions. De Rubin expressed optimism regarding political developments: “I have faith in Trump. He’s a little crazy with it right now, but it’ll all work out.”
Even as organizers try to renew flagging attendance and keep Preakness’s standing as one of the nation’s premier sporting events, community feelings are still divided. Local businessman Mr. Walker voiced concerns about broader societal issues: “Because of what’s happening in the economy – the way this administration is taking a wrecking ball to the longstanding traditions and institutions that give credence to the American way of life.”