By Dennise Williams, Staff Reporter
Azan
THE MATCH is on for the ownership of Caymanas Park, Jamaica's only racetrack. As previously reported, teams led by local businessmen and racing personalities Richard Azan and Richard Lake have submitted the only bids to the National Investment Bank of Jamaica, the government vehicle used to divest state-owned assets. The bids were opened on July 13.
It is expected by members of the racing community that a decision will be made by the end of July.
Waiting at the winning post is the opportunity to control a racetrack with turnover of approximately $3 billion and a great deal of currently untapped potential. The winner will own the operating company and lease the racetrack from the government on a long-term basis.
The two sets of contenders are neck and neck and the race is down to the wire. The team lead by Richard Lake, The Horsemen Limited, has exposed their form by publicly stating their intentions think major tourist attraction replete with hotel and entertainment centre. However, while punters may view Richard Azan's team as 'working in the dark', that is, not giving away information, the fact that Supreme Ventures, operators of Jamaica's lottery games, is a partner opens up a world of speculation. The Horsemen Limited is a team that describes itself has having "300 years of racing experience in the Jamaica Racing Industry" and is comprised of Richard Lake, former Caymanas Track Limited (CTL) chairman, Philip Feanny, trainer and breeder; Dr. Paul Wright, former CTL director and horse owner; Neville Rhoone, former CTL director and horse owner; Paul Hanworth, former CEO of the ICD Group; Brian Schmidt of IRIE FM; Philip Liu leading Off Track Betting Parlour Operator; Clovis Metcalfe, horse owner and breeder; Alex Haber, horse owner and breeder; and Michael Lake, architect.
In 2003, Omar Davies, Minister of Finance and Planning, stated that the government would only consider offers of at least $500 million. The Horsemen have committed themselves to spend $1.65 billion. In return, they stated that the government would receive a projected $18 billion in lease payments and taxes. The vision of The Horsemen is to turn CTL into "Kingston's foremost entertainment attraction for locals and tourists." The $1.65 billion investment will be spent on the following:
A hotel to be built on site
A 50,000 square feet entertainment centre to be built within a year without any disruption of racing which will include:
450-seat theatre
Gaming lounge
Corporate boxes
Food court
TV studio
Nightclub
Remodelling to create
New winners enclosure
Private boxes
Corporate entertainment area
Press boxes
New owners boxes
Racing and entertainment television channel
"We will establish a TV racing channel with responsibility for the image and marketing of racing in Jamaica and the Caribbean. The plan also includes a stand-alone television station with racing and entertainment focus. The channel will include a satellite to provide for advertising revenue and international reach. And a full utilisation of existing CTL broadcast equipment."
Exhibition hall for Portmore community
A fund of $12 million per annum for health, life and pension benefits for racing professionals.
Establishment of a Vet Clinic
Building of 400 new stables
$10 million Derby purse
A developed Infield, which will feature
Concerts
Events
Dressage riding school
Weddings
Green field space
Caymanas Park, established in 1959 and covering 196 acres, is at the centre of the horse racing industry which employees 12,000 persons. The operating company, CTL, directly employs approximately 90 full-time employees and 41 contract staff and 301 part-time employees.
Bid winner to reach the finishing post at the end of this month
Lake aims to turn Park into premier entertainment centre
