Caymanas Track Limited (CTL) has had a licence for six years, but is just now getting ready to enter the gaming market with solicitations for a 'non-purchase' partner to help operate 500 slot machines at the racing facility and 19 at each of its off-track betting (OTB) shops.

"We are seeking a partner to invest with us in the slot-machine operation that we have been granted by Government," said Chris Armond, a director of the company.

"The shops cannot hold 19 machines, in terms of the space, and we don't think 500 slot machines at Caymanas Park is a viable option to operate so many, so we are looking for other areas where we can maximise revenues without the restriction."

The slot machines will be a new venture for CTL, a governmententity which operates the only horse-racing track in Jamaica - pulling in revenue of about $5 billion from more than 300 races that are run each year at Caymanas Park and from its network of more than 60 OTBs.

The licence that CTL was granted back in June 2003 gave the company broader concessions than what others would have got. The cap on slot machines for any one premises is 120, while Caymanas Park got four times that allotment, at 500.

CTL is not a profitable entity, losing about $400 million last year, and $34 million in 2007/08, according to Ministry of Finance data published in the 2009/10 Public Bodies Report. The same report, however, signalled that CTL was this year contemplating new 'revenue initiatives', which the slots would represent.

But CTL will need permission to bring in a partner to operate the slot-machine business, and has made its case in written submissions to lawmakers seated on a joint select committee of Parliament currently finalising new casino laws and amendments to gaming regulations.

A decision is pending.

The joint select committee is expected to have its report ready by January 26, 2010.

"We have been saying, allot us the slot machines and let us utilise them anywhere we think we can maximise revenue," said Armond Wednesday in a Financial Gleaner interview.

CTL will join a market that encompasses several hotels, and stand-alone gaming facilities, including Supreme Ventures Limited (SVL), which, through subsidiary Prime Sports Jamaica Limited, operates four video gaming lounges nationwide and is the most visible in the market.

Armond sees nothing wrong with competing with SVL.

"Supreme Ventures is probably the biggest sponsor of racing at Caymanas, as we speak, and we work together on projects from time to time, and yet we are all competitors in the gaming market."

CTL has placed advertisements to recruit a partner, though it is yet to get the all-clear. "When we get the green light, we are ready to go," Armond said.

The horse-racing company request for proposals requires prospective investors to detail "infrastructural development plans to support and complement the installation of the machines", as well as "equipment technology, support services and projected earnings".

The proposals are to be tendered by January 25.

mark.titus@gleanerjm.com