Supreme Ventures Limited (SVL) has advised that the deal with the Government of Jamaica for the acquisition of the operations of Caymanas Track Limited (CTL) was signed on February 10, 2017. SVL submitted its bid in September 2015 and was approved as the preferred bidder on March 15, 2016.
SVL’s tenure as the new operators of the entity will commence on March 7, 2017, through its wholly-owned subsidiary Supreme Ventures Racing & Entertainment Limited (SVREL). The operations include horse racing and simulcast promotion; as well as pari-mutuel pool operations.
The acquisition provided for the following:
• The purchase by SVREL of chattels owned by CTL; and
• A thirty (30) year renewable lease of CTL’s property at Caymanas Park in favour of SVREL, extendable at the option of the Company, or its assignee, for a further term of thirty (30) years.
SVL’s move into this segment of the gaming industry and this particular location has extended the regulatory oversight to include the following entities:
• The Jamaica Racing Commission (JRC)
• The National Environmental and Planning Agency (NEPA)
• South East Regional Health Authority (SERHA)
• The Water Resources Authority (WRA)
The Government of Jamaica will also be monitoring SVREL’s Development Plans through the Project Monitoring Committee, which was established as a part of the divestment agreements.
Starting on March 3, 2017, SVL will begin holding stakeholder meetings as well as meetings with those CTL staff members to whom temporary contracts will be offered.
“We firmly believe in inclusiveness, as the success of the industry necessitates a collaborative approach, tapping into existing knowledge base.” SVL further states, “The Board of Directors and Management team look forward to getting SVREL off and running to success.”