Pimlico Race Course has long been a sort of outcast.

The track was in disrepair. Its operator tried to relocate the Preakness Stakes, the second jewel of racing’s Triple Crown. Legislators couldn’t decide whether to invest public dollars.

But on Thursday, elected leaders and other dignitaries crowded together to be seen outside of the track. Each wielded a sledgehammer for a ceremonial demolition photo opportunity. Behind them, the actual razing of the 150-year-old racetrack continued.

Standing at a dais positioned in front of the demolition, Gov. Wes Moore asserted that the Preakness Stakes would become the “Triple Crown’s crown jewel” — an ambitious claim, given the popularity of the Kentucky Derby, not to mention the Belmont Stakes (run at a track currently undergoing a $455 million renovation.)

“That crown jewel will be right here in Baltimore, right where it belongs,” Moore, a Democrat, said to applause from political allies.

Moore’s remarks wandered from horse racing and, at times, almost sounded like a campaign speech, as he highlighted Baltimore’s reduced number of vacant homes and homicide rate, while taking swipes at former Gov. Larry Hogan and President Donald Trump.

But he emphasized Maryland’s investment in Pimlico. Although many consider it a dying industry, the state will fund over $500 million in horse racing infrastructure. That’s one of the largest public expenditures into racing in the country.

Two years from now, the money is expected to have been used to construct a new Pimlico and a training track at Shamrock Farm in Carroll County. The Maryland Stadium Authority is expected to formally acquire that land Friday for about $4.5 million, according to the authority’s Gary McGuigan, paving the way for construction.

Next year’s Preakness will take place at Laurel Park and is expected to return to a rebuilt Pimlico in 2027, which many consider a lofty goal. Moore’s office said in a news release that construction will begin by early next year.

Pimlico sits inside Park Heights, and that neighborhood will receive 10% of profits from the new track, per 2024 legislation, which Moore noted.

How profitable the new track will be remains a massive question mark, however, given the economic challenge that horse racing presents.

A state-created nonprofit, the Maryland Jockey Club, will operate racing — and seek to at least break even doing so. It will pay the Stronach Group, the longtime operator, an estimated $5 million annually for the rights to run the Preakness, which is anticipated to be the cash cow that sustains the industry for the remainder of the year.

For those like Del. Sandy Rosenberg, who have pushed for a new Pimlico, Thursday marked a new day. The General Assembly explored for years plans to rebuild Pimlico. One law called for demolition to begin in 2022.

Instead, it sat, aging, as Preakness horses perpetually remained 3 years old.

Winding through Park Heights today, the mangled mess above the tree line catches your eye. Artifacts and furniture have been removed. Now, the track’s clubhouse, grandstand and barns are being demolished — finally.

“How can you not feel good about today?” said Alan Foreman, general counsel for Maryland’s horsemen.

It’s been eight years since the Stronach Group first considered moving the race away from Pimlico to Laurel Park in Anne Arundel County, said Bill Cole, who was then negotiating for the city of Baltimore.

“Somehow, we prevailed, ensuring this day came,” said Cole, now a member of the stadium authority board.

The Maryland Thoroughbred Racetrack Operating Authority led plans to change the operating model and rebuild Pimlico beginning in 2023, but was sunsetted by legislation this spring. The stadium authority has taken over rebuilding efforts.

“To see it come to this point is absolutely amazing,” said stadium authority chair Craig Thompson.

Bishop Troy Randall, who heads the Pimlico Community Advisory Board, gave a speech after Moore. He was nearly caught in neighborhood gunfire Wednesday. Bullets hit his car, he said.

“As I laid on the floor of my car crying, I said, ‘Lord, not this, not this way. It can’t end like this,’” he said Thursday. “I lead the advisory board for this project, and for him to take me out at this moment? Absolutely not.”

Randall emphasized investment in the community. He charged elected officials to continue the Pimlico rebuild, keeping Park Heights top of mind.

“The fight has just begun,” he said.

Moore took Thursday as an opportunity to speak on a number of topics — including the state’s lease with the Baltimore Orioles. The MLB club is guaranteed to be in Baltimore until at least 2038, according to a 2023 agreement.

That period could be extended until 2053, however, if the Orioles agree to it, or if the two parties sign a ground lease regarding public land around the stadium. They have not begun negotiations, Thompson confirmed Thursday.

Moore has often characterized the agreement as a 30-year deal.

“Together, we can count on us screaming ‘O’ at Camden Yards for 30 more years,” Moore said, “and I guarantee you over the next 30 more years, we will have a better season than we’re having this year, but the Baltimore Orioles will be in Baltimore for the next 30 years.”