The divestment of Caymanas Park is one of the proposals again put forward by the government in its policy statement on the racing industry released yesterday by the Minister Without Portfolio in the Ministry of Finance and the Public Service, Senator Don Wehby.

Wehby, who has portfolio responsibility for the racing industry, said that within the policy framework of the new government is a mandate that enables the divestment of Caymanas Park, a proposal that was first encouraged and then rejected by the previous government early last year, this after Caymanas Entertainment Limited (CEL) was named preferred bidder three years ago.

Essential policy

It further stated that this divestment whether by way of the creation of a public listed company or by divestment of the assets of Caymanas Park while maintaining ownership by government of the real estate essential to operating the racetrack, will be an essential policy of the new board.

Indeed, the minister hinted this from as early as January at a Jamaica Racing Commission retreat at the Jamaica Grande in Ocho Rios. He said then:

"Most of you already know that the racing industry is one aspect of my portfolio responsibilities that is very dear to me. The Government of Jamaica is committed to the development and growth of the racing industry.

On par with the world

"It is our hope that one day racing in Jamaica will be on par with any of the premier racetracks overseas e.g. Calder or Gulfstream (USA). Such a goal will only be achieved through significant investments in the sector.

"The racing industry, in the recent past, has suffered from the lack of a structured programme. One of my first requests of the new board of Caymanas Track Limited (CAL) was that they provide me with a credible business plan for the advancement of the racing industry."

Many of the plans are contained in the Minister's long-awaited policy statement.

These include making the racing industry successful and profitable by developing a profitable race track operation based on the proper development and enhancement of Caymanas Park and all its linkages in the racing industry including owners, breeders, trainers, grooms, jockeys and bookmakers The government will also be looking at ways to enhance both breeding and the importation of fillies and mares, as well as a revised and increased purse structure. Their aim is to very quickly return to the days when 500 to 600 foals were bred per annum. To this end they plan to lobby for the creation of a special fund for this purpose.

There are also plans to increase income from betting. This will focus on ways to increase access to all the sources that are capable of selling betting into the Caymanas Track Limited (CTL) pool. The current aim is to devise a strategy to increase the tote turn by at least 50%. The board is currently investigating co-mingling and local betting sourced from non-Caymanas local operators who can take betting on races coming through the Caymanas system.