Supreme Ventures Limited has reported that it lost some J$400 million from its operation of Caymanas Park last year.
As a result, the company is urging the government to allow it to purchase the country's premier horse racing facility.
Supreme Ventures says it's unable to secure the financing needed to upgrade Caymanas Park because it does not hold the title to the property.
Executive chairman of Supreme Ventures Gary Peart, says the company has already spent $3 billion to upgrade the property but more money is needed to carry out further improvements that are necessary to cut losses.
The company signed a 30 year lease with the government in 2017, with an option to renew for another 30 years.
The lease agreement includes the land, facilities and racing infrastructure.
Under the terms of its current lease, Supreme Ventures is required to invest $500 million over five years to upgrade the facility.
The lease is valued at US$305,000, payable each March.
All feeds
