Supreme Ventures Limited (SVL) has advised that the Company signed the deal with the Government of Jamaica for the acquisition of the operations of Caymanas Track Limited (CTL) on Friday, February 10, 2017. SVL submitted its bid in September 2015, and was approved as the preferred bidder on March 15, 2016.
Supreme Ventures’ tenure as the new operators of the Caymans Park Operations commenced on March 7, through its wholly-owned subsidiary Supreme Ventures Racing & Entertainment Limited (SVREL). The operations include horse-racing and simulcast promotion, as well as pari-mutuel pool operations.
The Company advised that it commenced CTL’s activities by having stakeholder meetings, as well as meetings with the staff members to whom temporary contracts were offered and that those contracts expired on September 6, 2017. SVL further stated that over the past six months careful assessment of the operations has resulted in SVREL’s restructuring and will see a number of persons being permanently retained, whilst the contract of others will not be renewed.
‘The Board of Directors and Management Team continue to work towards ensuring the success of SVREL. We will continue on the path of inclusiveness, as the success of the industry necessitates a collaborative approach, tapping into existing knowledge base,” SVL stated.
