By Ashford W. Meikle, Staff Reporter"WE DON'T think it makes sense to tear down the existing structure and build a concrete jungle; we are interested in the people's quality of life," said Richard Azan of his consortium's bid to manage Caymanas Park.
"Any new housing development will lead to increased traffic in the area."
In an interview with the Financial Gleaner, Mr. Azan was quite forthright in his plans and visions of what Caymanas Park should be. For one, he is interested in more than developing a racetrack; he wants the track to be a model of eco-tourism. His plan calls for the allocation of substantial green areas, similar to the scale in developed countries, which have entertainment areas that co-exist with nature.
Mr. Azan is the chief executive officer of Ralaica Trading Company on East Street in downtown Kingston. Ralaica has been in existence for over 15 years and is a wholesaler of clothes, shoes, toys and household products.
PARTNERSHIP
The entrepreneur is part of a consortium of investors operating as Caymanas Entertainment Limited (CEL), which has submitted a bid to the National Investment Bank of Jamaica (NIBJ) to operate Caymanas Park for 20 years. His other partners are Supreme Ventures and Magna Entertain-ment Corporation. According to Mr. Azan, "We wanted to (partner) with someone who has experience in doing this sort of thing (renovating and managing racetracks). We wanted to get the best talent that exists in the world; we chose the best." Magna is the largest operator of North American racetracks. It has a reputation for rehabilitating racetracks.
Mr. Azan says that CEL's plans call for an investment of approximately US$55 million. While the company will be drawing on the vast reservoir of knowledge and management expertise of Magna, Mr. Azan will be involved in the day to day operations of the racetrack. The entrepreneur is no stranger to the world of horse racing. His family has been involved in the sport from as far back as the 1960s. In fact, Mr. Azan is himself an owner and accomplished trainer (he is among the top ten). He is the reigning champion and has been for the last five years. However, he wants to go the extra mile.
A VIABLE OPERATION
And to achieve that, he plans to transform Caymanas Track into a viable operation. Mr. Azan argues that one of the challenges facing the industry is the small purses attached to winnings. Caymanas Entertainment Limited aims to change that dramatically. As Mr. Azan notes, once the purse is bigger, there will be a renewed interest and growth in the sport. While he will not reveal CEL's cash flow projection, he maintains that it can return Caymanas to profitability within five years.
Specifically, the main features of the plan are:
A family fun centre, which will cater to children and teenagers.
Simulcast transmissions
Luxury sky boxes
Bingo hall
Live concerts
Gaming lounge
Parking for almost 2,000 cars
Mr. Azan argues that his plan looks beyond the concept of Caymanas as a racetrack. The emphasis will be on a one-stop relaxation and amusement centre acceptable to the entire family. He emphasised that there will be special attention paid to lighting and security; the latter will be trained abroad. However, the CEL consortium is mindful of the potential revenues to be earned from tourists and the plan calls for the possibility for tourists to be bussed from the main resort towns (including port calls from Kingston) to enjoy what Caymanas has to offer.
Richard Azan is fervent in his belief that the transformation of Caymanas Park will lead to an increase in property values in the areas. He told the Financial Gleaner that after people have seen what he has accomplished with Caymanas Park, they will begin to follow suit and renovate their homes.
"You won't be able to miss (Caymanas') entrance," he enthused.
The architectural drawings for Caymanas Entertainment Limited were done by the internationally renowned firm, Ewing Cole.
