The new scoreboard will cost about $4 million to replace the one that has been in place since the stadium opened in 1998.
The board on Wednesday also approved $10 million to make structural improvements at Camden Yards, home of the Baltimore Orioles baseball team.
Another $10 million was approved to pay for energy conservation measures at the two stadiums.
The money comes from the Maryland Stadium Authority's budget, not the state's operating budget.
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