PEART... it cost $100 billion when there is a shutdown. We can't afford to be losing the money we are losing at Caymanas (Photo: Kenyon Hemans)
SVL plans Caymanas Park entertainment events
SUPREME Ventures Limited is looking to transform Caymanas Park into a multi-purpose entertainment spot as part of efforts to diversify revenue streams and reduce its reliance on horse racing. CEO Gary Peart explained that the move comes in response to declining revenues from horse racing and the need to cover the property’s high operational costs.
“Out at Caymanas, we have 365 days’ worth of expenses and only 80 days of revenues. So we need to come up with ideas—we actually have the ideas—we just need the other stakeholders on board. When we execute these, we will have 365 days of revenues to pay for 365 days of expenses,” Peart said while speaking at Mayberry Investments’ investor forum on Wednesday.
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Caymanas Park, Jamaica’s only horse racing track, located in St Catherine and spans approximately 200 acres. Operations took a hit in July 2024 when the passage of Hurricane Beryl forced a temporary shutdown as a precautionary measure. Following the storm, Supreme Ventures Racing and Entertainment Limited undertook extensive clean-up operations to restore the facility. The company noted that the closure resulted in significant capital expenditure, and each shutdown brings additional costs, impacting overall revenues. For the third quarter of 2024, Supreme Ventures reported a decline in revenues, attributing part of the drop to the temporary closure of Caymanas Park and the financial strain of resuming operations.
“It cost $100 billion when there is a shutdown. we can’t afford to be losing the money we are losing at Caymanas,” said Peart.
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The hurricane caused power and Internet outages in southern parishes, affecting approximately 5 per cent of Supreme Ventures Limited’s distribution network. Additionally, while Caymanas Park resumed operations after the storm, revenues from betting were insufficient to cover operating costs during that period. CEO Gary Peart has appealed to the Government, emphasising the need for greater collaboration among regulators and stakeholders to unlock Caymanas Park’s full potential. He noted that SVL alone cannot drive the transformation and that a more unified effort is necessary to turn the facility into a sustainable and profitable operation.
“Certainly for 2025, it’s something that, as the executive chairman, I’m going to spend a lot of time on because SVL can’t afford to carry some of the expenditures and costs at Caymanas that it is carrying now,” he stressed.
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Peart believes there is significant potential to transform Caymanas Park into one of the biggest entertainment spaces in Portmore. He emphasised the need for discussions and collaboration among stakeholders to turn the facility from a financial burden into a major investment opportunity.
He has also hinted at possible future collaborations, including hosting carnival events at the location. Supreme Ventures Limited recently hosted its first third-party rental with the Zimi party series, and the promoters were satisfied with the event. Peart noted that there has been growing interest from other event organisers, as the infield at Caymanas Park provides comfortable seating and secure parking. If the venue continues to attract large-scale events, it could serve as a valuable additional source of revenue for Supreme Ventures.
SVL’s distribution network did not fully recover until the end of December 2024, and other business segments continued to experience declines. However, the financial technology (fintech) division is now positioned for growth after finally receiving its remittance licence, allowing for the roll-out of new services. As the company looks to diversify its revenue streams, the expansion into fintech is expected to play a key role. However, in preparation for this roll-out, carrying the subsidiary for the past three years has led to significant costs which it expects will be reduced going into 2025 as it starts to get approvals across different businesses.
“We finally got our biggest biller which is JPS and a full suite so we expect to start extracting revenue from that side,” he said.
By the second quarter, Peart anticipates that the fintech arm will be fully operational. He also noted that other investments are underway; however, no further details will be provided until the company’s audited financials are released on February 28.
