Caymanas Park operators Supreme Ventures Racing and Entertainment Limited (SVREL) has proposed a multi-million-dollar appearance fee increase to the horseracing industry.
The proposal is in response to a request tabled by the industry representatives earlier this month.
In a release, SVREL noted that it had signed a memorandum of understanding with the respective associations representing all stakeholders across the industry in 2020 and “has been guided by the tenets of that agreement since”.
The agreement spoke to purse increases being considered in the context of the performance of horseracing in Jamaica and was material to the operations of Caymanas Park as the only racing promoter on the island.
“SVREL and parent company Supreme Ventures Ltd (SVL) has demonstrated their commitment to the industry through an over $4-billion investment in the upgrade and operation of Caymanas Park since 2017,” the company said.
“Having been significantly impacted by COVID restrictions and curfews, the SVREL team believes that the increase
proposed shows an even bigger commitment, as Caymanas Park has not yet achieved a break-even position.”
The proposal specifically offers the industry an interim increase in appearance fees applied to losing race placement for seventh and lower place finishes, which will be tiered based on the level of the purse to ensure that there is no anomaly for payments to the fifth to sixth places. This will impact a wider cross-section of the horseracing industry and more horsemen will be able to earn from the increase and will not be limited to just a few trainers. The proposal also includes the implementation of a committee consisting of reps from SVREL and all relevant stakeholders, to craft and agree a formula linking purses to movements in revenue and costs as per the MOU signed on May 11, 2020.
“We have been having open dialogue with the stakeholders regarding this critical line item in our operating
expenses, and SVREL remains committed to keeping horseracing going in Jamaica during this challenging
time for the good of the industry and all its beneficiaries,” said Lorna Gooden, general manager of
The increase would take effect on February 1, 2022.