Shaw hails historic Caymanas divestment
An 'historic occasion' was how Finance Minister Audley Shaw described the official signing over of the government's divestment of Caymanas Park, between Caymanas Track Limited (CTL) and the new owner Supreme Ventures Limited (SVL) at the offices of the Ministry of Finance, Heroes Circle, yesterday.
Shaw told the large gathering, including representatives of the new company, Supreme Ventures Racing and Entertainment Limited; the government's negotiating team; CTL board members and various stakeholders, that with the process complete, it was "a win win" for the racing industry.
Paul Hoo, chairman of Supreme Ventures Limited, signed on behalf of his company, while Danville Walker did likewise in his capacity as CTL chairman.
Shaw said the new racing promoter (SVL) is expected to allow for a positive cash flow of approximately $42 million to the operations of the JRC, which will not only be used for regulation, but in particular towards development projects.
These include the state of the art improvement of the UWI/JRC lab which conducts drug testing for the horse racing industry; the upgrading of surveillance cameras in the testing barn at Caymanas Park; fully operational Satellite Office at the racetrack in the medium terms that will provide full registration and licensing services, levy contributions and the Establishment of a Stud Farm Development Fund.
The handing over of the racetrack to Supreme Ventures will take place on Tuesday, March 7 and it was revealed that a $200 million redundancy package has been set aside for the CTL workers, most of whom will be re-employed by Supreme Ventures Racing and Entertainment Limited to ensure a smooth transition.