Jamaica’s House of Representatives recently began debate on the Betting, Gaming and Lotteries (Amendment) Act and the Jamaica Racing Commission (Amendment) Act. The two bills would establish a regulatory framework to attract and support investment in the island’s horseracing industry, and facilitate the development of Caymanas Track into a world-class racing complex.
Specifically, the Betting Gaming and Lotteries (Amendment) Act enables the Betting, Gaming and Lotteries Commission to grant any promoter a license to carry out track betting in prescribed geographic areas. The Jamaica Racing Commission (Amendment) Bill proposes to give the Minister of Finance and the Public Service the power to grant a license to operate a racetrack in exclusive geographic areas.
Minister of Finance and the Public Service Audley Shaw explained the decision had been made to privatize Caymanas Track Limited, the sole promoter of horseracing in Jamaica, since a lack of funding has led to the poor condition of its infrastructure over the years. “The process of divestment is far advanced, as the negotiated terms of the divestment transaction have been approved by the government. The passing of these two pieces of legislation, the provision of which would enhance the process, is necessary,” Shaw said.
He noted, “Among the terms of the divestment transaction is the long-term lease of 30 years of Caymanas Park. The government, subject to these legislative changes, also gave approval for all-island exclusivity to be granted to the Preferred Bidder for a period of 15 years. Any further period of exclusivity will be determined by the government of the day.”
Shaw added, “The passage of these bills is imperative as the final terms have been negotiated for the long-term lease of Caymanas Park in St. Catherine and the sale of all personal property owned by Caymanas Track Limited to Supreme Ventures Limited, the preferred bidder.”
