JIS News

The Government has re-opened the bidding process for the management of Caymanas racetrack in St. Catherine.Making the disclosure at a post Cabinet press briefing at Jamaica House on December 13, State Minister in the Ministry of Finance and Planning, Fitz Jackson said the bids submitted by the two interested groups had fallen below the 73.5 threshold level.
He explained that a special team was organized to evaluate the bids, which were invited in February; a group of consultant architects had been contracted to evaluate the physical development proposals in the bids; and Ernst and Young out of Barbados had been contracted to evaluate the business proposals of the bidders.
“Those two particular independent evaluations were part of the exercise to ensure the greatest level of transparency,” he noted, pointing out that the team also engaged due diligence on the shareholders and proposed directors of the entities that submitted bids.
With the bidders failing to make the mark, the bidding has been re-opened to admit improved proposals from the previous bidders.
Mr. Jackson said the process was also opened to other investor groups who acquired documents from the initial stage and still had an interest in submitting bids within 35 days of a formal announcement to be made by the National Investment Bank of Jamaica (NIBJ).
He noted that while the government was disappointed about the stalling of the process, it was committed to the redevelopment of Caymanas Park in the shortest possible time.
“We are envisioning that within a next few months, we should conclude this next phase and be in a position to make a decision on a successful bidder or proposed operator for the Caymanas Park entity,” he told journalists.
Caymanas Park is presently operated by Caymanas Track Limited (CTL), a state owned company that promotes horse racing.

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