Supreme Ventures Limited (SVL) has thrown down an unmistakable gauntlet to the Jamaican Government: sell Caymanas Park outright or risk watching the gaming giant vacate the storied horse-racing venue altogether.
Speaking at SVL’s annual general meeting in Kingston, Executive Chairman Gary Peart revealed that the subsidiary running the facility, Supreme Ventures Racing & Entertainment Ltd (SVREL), bled almost J$400 million last year. One more year of red ink, Peart warned, and SVL will surrender the track’s 30-year lease—extensions and all.
Lease shackles, capital gridlock
Since taking over in 2017, SVREL has injected north of J$3 billion into Caymanas, yet the company still operates on a state-owned title. That legal wrinkle has become a dead-weight handicap: lenders balk at financing transformative upgrades when all SVREL can pledge is a lease. Worse, with only about 80 race days a year, the property earns too little to cover its own upkeep, let alone service new debt.
The US $100 million vision
SVL’s counter-offer is bold: unlock full ownership and the group will deploy US $100 million over the next decade to re-engineer Caymanas into a multi-purpose cash machine. Plans on the drawing board include floodlighting the track for round-the-clock events, building a covered entertainment arena to slash production costs, and converting 50 acres of infield real estate into commercial attractions—from open-air markets to premium residential towers.
A global reality check
Peart underscored the urgency by pointing to shuttered or downsized tracks in Maryland, California, and Florida. Around the world, horse racing is galloping toward obsolescence. Caymanas, he argued, could buck that trend—if SVL controls the land. Otherwise, Jamaica risks watching its lone track fade while SVL redirects capital to steadier bets like its lottery franchise, which reliably grows 5-10 per cent a year.
Growth vs. stagnation
“Stick with the status quo and we’ll milk the lottery,” Peart told shareholders. “Give us the deed, and Caymanas can compound at 40 per cent annually.” The message was clear: privatisation is not a bailout; it’s the only path to turning a loss-making relic into what Peart calls “the pearl of the Caribbean.”
For lawmakers weighing the proposal, the stakes are unmistakable: grant SVL the reins—or prepare for an empty paddock and a vanishing piece of Jamaica’s sporting heritage.
