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Senator warns gov't to avoid creating monopolies in divesting state assets

Published:Friday | December 16, 2016 | 12:20 PM
Earlier this year, the Cabinet approved the sale of Caymanas Track Limited to Supreme Ventures.

Jovan Johnson, Parliamentary Reporter

Opposition Senator Wensworth Skeffrey is warning the Government to guard against creating monopolies as it moves to divest states assets.

He was speaking today as the Senate debated and passed two bills which, among other things, give geographic exclusivity to Supreme Ventures Limited, which will take over the operations of Caymanas Track Limited in January.

The bills, an Act to Amend the Betting, Gaming and Lotteries Act and an Act to Amend the Jamaica Racing Commission Act, establish a regulatory framework to boost investment in the horseracing industry.

Senator Skeffrey says while he’s not against the divestment of Caymanas, the Government should be mindful about granting exclusivity to entities that take over state assets.

He argues that competition is important in a market-driven economy noting that having exclusive rights run counter to that principle.

 

Earlier this year, the Cabinet approved the sale of Caymanas Track Limited to Supreme Ventures.

Caymanas Track Limited is the island’s only horse racing promotions company, which operates the Caymanas Park located in Portmore, St Catherine.