SUPREME Ventures Limited (SVL) says it is still awaiting a response to its proposal to acquire Caymanas Park, leaving its US$100-million redevelopment programme dependent on a Government decision as the racing operation continues to struggle.

The gaming group has also disclosed that its proposal includes a written commitment to preserve horse racing at the property, with a request for that undertaking to be secured through a caveat on the land.

“As stated in the letter to the MOF [Ministry of Finanace], SVL has committed to always having horse racing at Caymanas Park,” the company said in written responses to Jamaica Observer.

The company said it had received no response to date. Its US$100-million investment commitment remains unchanged, with the programme to be financed through a combination of debt and equity. It provided no breakdown of the proposed funding or timetable for the development.

SVL’s pursuit of ownership was made public in June 2025, when Executive Chairman Gary Peart outlined a 10-year investment programme conditional on acquiring the property. At the time, Caymanas Track Limited Chairman Danville Walker said the proposal had been referred to the Ministry of Finance for guidance.

Supreme Ventures operates the racing complex through subsidiary Supreme Ventures Racing and Entertainment Limited (SVREL), under a 30-year lease with an option to renew for another 30 years. The group took over operations in 2017, but ownership of the property remains with the State.

Peart previously said SVL would continue operating Caymanas Park under its lease if the purchase did not proceed, but would invest more slowly in upgrading the property. SVL maintains that acquiring the property is necessary to put the racing operation on a sustainable financial footing.

“Sustainable profit at Caymanas Park is unlikely without acquiring the property,” he told the Business Observer.

The update comes as SVREL recorded lower revenue and an after-tax loss in the September quarter, even as the wider group posted stronger earnings.

Supreme Ventures booked net profit of $714.32 million for the three months ended September, up 31.38 per cent on the corresponding quarter of 2025. Earnings benefited from $254.58 million in fair value gains on held-for-trading shares, while total gaming income slipped slightly to $13.87 billion.

Across the nine months, net profit climbed 19.44 per cent to $2.19 billion as gaming income increased to $43.01 billion from $41.78 billion. Finance costs, however, rose 27.89 per cent to $834.84 million, which management attributed primarily to debt refinancing undertaken in the final quarter of 2025.

The group generated $2.68 billion in operating cash flows over the nine months. It also raised $2 billion in July while settling approximately $2.6 billion in debt obligations during the period.

– Karena Bennett