Sat | Sep 23, 2017

CTL moving to new location - Dalling

Published:Friday | March 3, 2017 | 3:00 AM
Shane Dalling

Shane Dalling, managing director of Caymanas Track Limited, revealed yesterday that the company will conduct winding up operations from a new location after the racing complex is handed over to the new company, Supreme Ventures Racing and Entertainment, next Tuesday.

Speaking at a press briefing in the Trainers' Room at Caymanas Park yesterday, Dalling said that CTL, would be relocated to 78 Hagley Park Road, Kingston, inside the Betting, Gaming and Lotteries building.

"We owe millions of dollars to our creditors, entities like the security company and the utility companies. We, in turn, are owed millions by the Off Track Betting parlours and bookmakers. In order to tidy up our finances, these monies will have to be collected as SVL did not buy the liabilities of CTL under the lease agreement," he explained.

Meanwhile, Dalling further disclosed that outstanding purse money from January 25 owed to the stakeholders would be paid by CTL, in conjunction with long-time partners ISP Finance Services, as soon as they are cleared by the Jamaica Racing Commission.

 

REDUNDANCY PACKAGE

 

He also said that the payment of the $200 million redundancy package set aside for the 370 workers of CTL would be made on Monday.

"The cheques are ready and these will be distributed among the workers on Monday morning," he said.

A spokesman for SVL Racing and Entertainment disclosed on Wednesday that in order to ensure a smooth transition, most workers would be kept on to ensure a smooth transition.

An evaluation of each worker will be made over the next three months to decide who will be kept on. Dalling believes that between 80 and 90 per cent of the workforce will be retained. Simulcast racing will be suspended on March 6 and 7.

Unclaimed winnings will be held by CTL for another 90 days before these will be ineligible for cashing and handed over to the BGLC in accordance with the rules and regulations.

Meanwhile, a meeting has been scheduled between SVL Racing and Entertainment and the stakeholders at the Spanish Court Hotel, New Kingston, today.

- O.C.