- So far, CTL has significantly reduced its debt to stakeholders and other partners; lessened its operating costs; and improve the image of horse racing.
- CTL has targeted increased revenues through more competitive races and rental of the facilities for non-racing events.
- Several other income generating projects are to come on stream, including the introduction of slot machines at the race track.
Minister without portfolio in the Ministry of Finance and Planning, Hon. Horace Dalley, says significant strides are being made towards improving the profitability and the operational capacity of Caymanas Track Limited (CTL).
“With all the effort being made to become profitable, CTL now continues its thrust to generate revenue and further reduce its debt by [implementing] new policies and initiatives,” he informed.
Speaking on Thursday, May 29, at the opening of the 2014 Gaming Industry Summit at the Jamaica Conference Centre, in downtown Kingston, the Minister said such painstaking efforts have allowed the CTL to significantly reduce its debt to stakeholders and other partners; lessened its operating costs; and improve the image of horse racing.
CTL has targeted increased revenues through more competitive races and rental of the facilities for non-racing events, and is in discussions with overseas suppliers to simulcast races to increase the number of tracks it offers as well as to start exporting its own signal overseas.
The Minister further noted that several other income generating projects are to come on stream, including the introduction of slot machines at the race track.
It is anticipated that the introduction of a slot machine shop at the track would make CTL more competitive, while attracting a wider market.
The move is in line with similar actions by a number of international horseracing companies, such as the Florida-based racing and casino parks, Gulfstream and Calder. Gulfstream has over 850 slot machines, while Calder has a 29-table card room located in the grandstand.
Other income generating initiatives to be introduced include telephone betting and account wagering, along with regulating the bookmakers to have them enter into the CTL tote system.
Mr. Dalley noted that efforts have also been made to improve the operational capacity of the company. These include the appointment of new leadership, such as a new Board of Directors, led by Christopher Brown and a newly installed Chief Executive Officer (CEO), Mr. Cedric Stewart.
The Board has also employed a new staff, including financial controller, marketing manager and internal auditor to bring back viability to the business.
The Minister said the Board and CEO have combined their efforts to improve the financial position and image of the company and horse racing in general. “They have created and diversified revenue that has seen better attendance at the track,” he noted.
He also commended the Chairman, Vice Chairman and CEO for “the tremendous work they have done to lessen the tension at the track.”
Mr. Dalley also informed that other steps to transform the horseracing company involve the appointment of an Enterprise Team to oversee the divestment of a profitable CTL, as well as the official implementation of Sunday racing, which is said to be a success.
He noted that most importantly, the stakeholders and CTL are not in any acrimonious relationships. This, he said, is reflected in the upcoming agreement to be signed between CTL and the bookmakers.