THE Portmore-based Caymanas Park is set to get the addition of a solar power installation, along with further investments this year, as the horse racing venue gets back on track after being limited over the last two years due to the novel coronavirus pandemic.

This comes as Supreme Ventures Racing and Entertainment Limited (SVREL), which manages the location, continues to upgrade the facilities and find ways to bring greater efficiency to the business. Executive chairman of Supreme Ventures Limited (SVL) Gary Peart revealed that the new tote board should be operational next month which comes after the project to sink a new well for water was completed.

“The solar project is well underway and once it is completed, we will advise on the investment and other details. We are very excited about the potential outcome and look forward to the efficiencies that will be created. The board and management team of Caymanas Park have demonstrated their ability to be agile and dynamic in an ever-changing environment. We will continue to do so as we work towards making Caymanas Park the horseracing mecca of the region,” stated general manager of SVREL Lorna Gooden in an e-mail with the Jamaica Observer.

Though SVREL hasn’t published financials since November 2020, Gooden did indicate that SVREL will be publishing quarterly financials as part of the wider SVL’s quarterly release. SVREL reported $4.93 billion in revenue between January to November 2020 but recorded a net loss of $216.73 million in the same period. SVL publishes horseracing under its sports betting segment along with its video lottery terminals business. Sports betting had a 17 per cent increase in revenue to $3.51 billion with the segment result up 17 per cent to $287.22 million in the first quarter ending March 31. The segment had $541.05 million in capital expenditure on property, plant and equipment during the quarter.

SVREL had signed an agreement with Chukka Caribbean Adventures in June 2020 to add the location as part of its tours to guests across the island. Peart explained that the company would also be getting back on stream with exporting content from Caymanas Park through its Australian partner BetMakers Technology Group Limited. Caymanas Park would also benefit from the future joint venture production company with Main Event Entertainment Group Limited.

“In the case of Caymanas, all the races on the western coast of the United States, we couldn’t show them. Those guys are three to four hours behind Jamaica and those races come to us 9 pm or 10 pm, so we couldn’t have them. Now, we can show those races and the revenues are there to be extracted,” Peart explained.

Gooden is looking forward to the opportunities for Caymanas Park later in the year following the discontinuation of restrictrions under the Disaster Risk Management Act in March. However, she expressed caution due to the COVID-19 variants and changing events.

“We are thankful that the Government has relaxed the COVID-19 measures. However, the team is mindful of the need to be prepared in case of any rapid changes, as well as to ensure we remain vigilant to protect the wider Caymanas community. Operations of Caymanas will continue based on our approved strategic plans which focus on the improvement of the quality of the product being offered to the public and the further development and improvements being undertaken,” Gooden explained.

Peart revealed that SVL will be opening a new payment centre at the Twin Gates Plaza in St Andrew, where CIBC FirstCaribbean International Bank was once. He also noted that the company was saving about $40 million by moving its location from the Sagicor Building to its current Retirement Crescent location. He also explained how the company has used work from home and inclusion of hot desks to drive further efficiencies in the business and reduce costs previously associated with a full staff complement.

SVL will also be automating more services and digitising delivery of services to customers. SVL’s Charge Up product will also serve as a way for the company to bring more businesses to the under and unbanked population of Jamaica as seen with the recent addition of EduFocal. This will be complemented by Supreme Ventures Services Limited to outsource the back office functions of companies.

He also indicated that the company was looking to capitalise on its South Africa Cash Pot deal as they look to the tail end of the second quarter for activity to scale again.

“The expectation of Guyana is great. Once the oil revenue starts to percolate through the economy, I think having a business there, pre-oil boom, is good as you understand the lay of the land. As that money starts percolating through, we will start to benefit from it. Guyana allows us to set the stage for entering other markets because we now know how to enter other markets. Guyana serves several purposes that is not just about the country,” Peart explained about Guyana.

While Peart is looking forward to the new products coming by October especially along its fintech and microfinance subsidiaries, he is confident that the work being done with the stakeholders at Caymanas Park will bear fruit for the company and industry on a whole.

“There’s a whole heap of work to be done there. We’re engaged with the stakeholders. The feedback from the stakeholders is that they understand what we’re doing and we’re doing a lot of good things out there. As we put in more initiatives, we can get to a sustainable place for Caymanas. We’re working hand-in-hand with the stakeholders there. Certainly, with the advent of the Trainers Association and…the Groomer’s Association, they’ve been strong supporters of what we’re doing in the sense that they know it’s going to take time. We took time to explain what we’re going to do and what our limitations are. I want to thank all of them including the trainers, groomers, jockeys, farriers, etc. for allowing us the time. We’re beginning to see the green shoots of a new Caymanas,” Peart closed.