Howard Hamilton
It seems that those who responded to the Request for Proposals to invest in the racing complex are still hopeful that there will be some positive reaction to their response.
: The two proposals have been rejected and no amount of "dancing and prancing" is going to change that. My fix on that position is based on the fact that it is beyond my comprehension that a document prepared by the National Investment Bank and presented on the third of February 2004 following a request made in June 2003 received the detailed attention of two consortia and they were both considered to be inadequate. This matter has been in serious discussion for nearly three (3) years. I cannot imagine that any team of experts could still be evaluating proposals, hence my conclusion that this matter is closed and there will be no meaningful reconstructuring of Caymanas Park, certainly not through this method.
Firm opinion
The leader of one of the consortia that responded to the original proposals is of the firm opinion that: "I am the only man in Jamaica who knows the Racing Industry and I have the record to substantiate my performance."
While I console him in his disappointment the facts are that those who have the right to make the decisions do not think as he does, hence the non-acceptance of his proposal. Ranting and raving, rushing to the Contractor General is only a waste of people's valuable time. But if this gives him comfort then so be it. That does not deny me having my opinion based on the facts as they are.
He took me to task for my decision to reduce my involvement in local racing, a decision that he made years ago. I cannot continue in the "jungle" that currently exists. Hopefully I will be able to return one day when the industry has been restructured and on a path to achieve some of its true potential. My own feeling is that this will never happen while the government is in an ownership position. One should never forget that this position was brought about by the government sequestering assets from operators who for decades were unable to pay the inequitable taxes imposed.
I have often considered what would happen were a similar scene to be played out in the Private sector. I dare say that a number of people would more than likely be spending time at Her Majesty's pleasure!!!
On a more pleasant note I got a message from a King is Born a few days ago lamenting the fact that I no longer come to see him. He seems overjoyed with being back were he belongs and regrets ever having left in the first place. He says he is slowly getting his act together and is dying to show the pretenders who the real "King" is.
He spoke at length about a great big foreign horse who now seems to have pride of place in the stables. I am, myself very impressed with the "big foreign horse" of whom the King speaks. Quiet Strength has an impressive record. In eleven (11) starts since December 2004, this outstanding imported sprinter has won nine (9) times and finished second twice. His last three (3) victories under top weight of 60.5 kilos were most impressive.
This performance has not gone unnoticed by the King and this has made him even more determined to get his act together once again. According to him he has two matters to prove. Being spurned at the breeding shed, he is anxious to prove that he can run with the best of the foreigners and beat them.
Best at any distance
He is quite an immodest superstar and even at his age he still feels he is the best at any distance from five (5) furlongs to seven (7) furlongs. He is hoping that Quiet Strength will still be around when he steps back on the race track later this year. I made the King a promise that that encounter might even bring me out of my self imposed exile so let us see how that unfolds.
The question of the iniquitous take out from the punter's dollar is once again on the table. I understand that the promoters have proposed a reduction of the current 30% take out on win and place bets to 25%. My recommendation is that they don't waste time. That level of reduction will have little effect. They need to move to twenty percent immediately.
The improvement in turn\\over will convince them to eventually move to a maximum take out of 15 per cent in win and place dividends. This will produce a meaningful improvement in the "churn." Calculations show that there will be an immediate increase in turnover of these pools by a minimum of 2.4 times what it was when the take out was 30 per cent. Of even more importance is the fact that our racing product would now be acceptable to the overseas simulcast market where the real volume is. But I have been preaching this for years- nobody listens and nobody cares so why bother any more.
Howard L. Hamilton CD. JP. is a former Chairman of Racing Promotions Ltd. and Caymanas Track Ltd. He is currently President of the Thoroughbred Owners and Breeders Association. He can be contacted at howham@cwjamaica.com.
