KINGSTON, Jamaica — Minister of Finance and the Public Service Audley Shaw says that Supreme Ventures Limited’s (SVL) investment in Caymanas Park could be as high as $1 billion.

Speaking in the House of Representatives yesterday, as he wound up the debate on two bills – Betting, Gaming and Lotteries (Amendment) Act and the Jamaica Racing Commission (Amendment) Act – which will facilitate the signing of the agreement for the long-term lease of the track to CTL, Shaw noted that SVL will also have exclusivity in using the assets for 15 years.

“The preferred bidder had in fact requested a 30-year-period of exclusivity. However, 15 years is recommended, and this period is intended to allow the investor to recoup his investment free from competition for 15 years,” he stated.

“The investment could range anywhere from $500 million to $1 billion,” Shaw said, noting that SVL would also need to make substantial investments in infrastructure breaches detected under outgoing owners, Caymanas Track Limited (CTL), over the years.

The minister further said it is important to note that the licences to be issued by the Betting Gaming and Lotteries Commission and the Jamaica Racing Commission would be subject to periodic reviews by the regulators.

He added that an assessment will be done at the end of the period of exclusivity, and a decision made based on the prevailing conditions.

Debate on the bills started on November 9 but was suspended at the request of the Opposition, who said that they needed time to review their contents. This led to a delay in signing the agreement.

The Opposition was absent from yesterday’s close of the debate following their walk out.

Balford Henry