Supreme Ventures Limited (SVL) has turned up the heat on policymakers, signalling it will abandon its long-term lease of Caymanas Park if another year of deep losses repeats. Speaking at the group’s annual general meeting in Kingston, Executive Chairman Gary Peart told shareholders that the track’s operator, Supreme Ventures Racing & Entertainment Ltd (SVREL), cannot justify a second consecutive year of roughly J$400 million in red ink.
“If Caymanas bleeds that kind of cash again, we hand back the keys,” Peart warned.
A Lease Without Leverage
SVREL controls the 190-acre St Catherine property under a 30-year lease, renewable for another three decades. While the agreement obliges the subsidiary to pay about US$305,000 in annual rent and to pump J$500 million into upgrades over five years, Peart argued that leasehold status is choking investment appetite.
Since assuming stewardship in 2017, SVL has already sunk more than J$3 billion into the venue, but lenders remain skittish about financing large-scale redevelopment without a title deed as collateral. The result: limited race days—roughly 80 annually—continue to hobble earnings.
The Ownership Pitch: US$100 Million Over Ten Years
SVL is lobbying Government to sell the complex outright. Peart outlined a US$100 million, decade-long capital plan that hinges on a freehold transfer. Proposals include:
- Night Racing & 24-Hour Activity – Installation of floodlighting to extend operations beyond daytime meets.
- Multi-Use Infield – Converting 50 acres inside the oval into covered entertainment, market space, and year-round event facilities.
- Real-Estate Play – Demolition of ageing stands to make way for a twelve-storey mixed-use tower, complete with premium penthouses.
Peart framed the request as a lifeline for a sport under global pressure, noting closures or condominium conversions at several U.S. tracks once owned by the Stronach Group.
Stakes for Shareholders
Without divestment, Peart hinted SVL could redirect capital to its bread-and-butter lottery operations, which deliver steady single-digit growth and healthy dividends. With outright ownership, however, he projects compound growth north of 40 per cent as a modernised Caymanas attracts tourists, live-event patrons, and international wagering partners.
SVL has already inked distribution deals—such as a five-year arrangement with BetMakers Technology Group to export local race feeds—and previously signed an MoU with Chukka Caribbean Adventures to create track-side tours. Full control, Peart argues, would accelerate these initiatives and protect thousands of jobs linked to the Jamaican racing ecosystem.
The Clock Is Ticking
SVL’s message to lawmakers and constituents was unambiguous: support a full privatization or risk watching an iconic sporting venue slide into irrelevance. For now, the ball sits squarely in the Government’s court—and Caymanas Park’s future hangs in the balance.
