The Maryland Jockey Club in part owns the Pimlico racetrack, which is known for hosting the annual Preakness Stakes.
The Preakness Stakes will stay in Maryland, after the state's racing commission approved an agreement reached by horse racing representatives earlier Wednesday.
The agreement calls for a full calendar of 146 days of live racing at the state's horse racing tracks, and keeps the Preakness Statesk -- the second jewel in racing's Triple Crown -- in Maryland.
It comes a day after the racing commission rejected a proprosal from the owners of Pimlico and Laurel Race tracks. Gov. Martin O'Malley's administration helped broker the new deal.
To help defray operating costs, the state will redirect $3.5- to $4 million in slot machine revenue from capital improvements.
O'Malley says the deal helps protect thousands of jobs that depend on horse racing.