Chairman of Supreme Ventures Racing and Entertainment Limited (SVREL), the new promoter of horse racing in Jamaica, Paul Hoo is confirming his company’s commitment to increase purse money paid at Caymanas Park.

Speaking at the weekly Jamaica Observer Monday Exchange yesterday, Hoo said that SVREL would keep its promise to increase purses by approximately 20 per cent. He further informed that the increase is to be based on an assessment of the latest available audited figures from former racing promoter, the Government-owned Caymanas Track Limited (CTL), for 2015.

“We took a conscious position that we were going to increase purses by 20 per cent. Since that time and until now, I understand that purses have been increased. I also understand, from some stakeholders, that although it was said that the purses were increased, it was relative to the amount of race days for that year, and in truth what actually happened was, because there were less race days, purses decreased,” Hoo explained.

“That I don’t know. But the same monetary figure that was proposed, is what it will be increased by,” the chairman insisted.

He said that the increased purse money paid to winning connections could well be between 15 per cent and 25 per cent.

SVREL’s Director of Racing Chris Armond, when asked as to why there was no purse increase on Saturday when the company staged its first race day, said: “It has to be done in stages. We had to wait until the present condition book is completed before making the actual increases. As such, we are committed to have this increase by the first race meeting in April. SVREL has to proceed cautiously, and we are ensuring that everything is in place.”

Armond then pointed out that, based on the CTL figures, an amount of $520 million was spent on purses in 2015, which would in effect mean an increase of approximately $100m.

“What we are looking at is an increase come April of $100 million. As to which races, that is, categories will be targeted, will primary depend on further consultations SVREL will have in the coming days with the various stakesholders, including owners, jockeys, and trainers,” Armond said.

Chairman Hoo then informed that there is now a monitoring team overseeing the developments at the track. The team includes representatives of the Betting, Gaming and Lotteries Commission, the Jamaica Racing Commission, the Development Bank of Jamaica, the chairman of CTL Danville Walker, and representatives from the ministry of finance.

Commenting on SVREL’s race day on Saturday last, Hoo emphatically stated that he was encouraged with the response from patrons at the track and generally from people with an interest in horse racing.

“I can confirm a handle of $45.3 million on the sales of local racing, which is indeed very encouraging for 11 races offered on the day.

“It was a good start and hopefully it will be treated as encouragement for the entire racing industry and will assist in fostering existing owners buying more horses, whether imported or otherwise, in the short term,” Hoo said.

After an 18-month negotiation period, Supreme Ventures Limited finally inked the deal on the Caymanas divestment on Friday, February 10.

The company submitted its bid in September 2015, with the Government giving SVL the preferred bidder nod in March of 2016.