Caymanas Park reaches historic agreement with horsemen associations
Caymanas Park operators, Supreme Ventures Racing and Entertainment Limited (SVREL), along with the United Racehorse Trainers Association of Jamaica (URTAJ) and Jamaica Racehorse Owners Association (JROA) have reached an agreement regarding the methodology on which purses will be calculated and actual purse payments for the remainder of 2022 calendar year.
The committee consisted of representatives from SVREL and all relevant stakeholders representing the fulfilment of the memorandum of understanding signed on May 11, 2020.
The parties agree that the purses to be paid annually by SVREL will be calculated as a centum of gross gaming revenue (GGR) earned by SVREL in the preceding year from the sale of local horse races only. GGR is defined as total sales on local horse races promoted by SVREL less total winnings paid to punters.
SVREL agreed to forward an additional sum of $30 million to the purses to be paid for the period July to December 2022, to the total purses being paid by it. An incentive totalling $18 million was also paid earlier this year, for six months period to June 2022.
Therefore, for the year 2022 a total increase of $48 million will ultimately be paid.
The more specific details of the agreement are being finalised between the parties.
“SVREL looks forward to the impact of this historic agreement, as it represents the power in a collaborative process among the main industry stakeholders. This symbiotic negotiation process and mutually beneficial relationship must prevail for the future viability, sustainability, and success of the horse racing ecosystem,” stated SVREL Executive Chairman Solomon Sharpe.