CTL projected to earn $10M this year

Caymanas Track Limited (CTL) is projected to return to surplus this year as it moves to expand revenues from its off track betting parlours. 

However, some of CTL's employees will not be sharing in the better days ahead. 

Caymanas Track Limited was off track in earnings last year pooling $32 million in losses but it is projected to return a $10 million surplus this year, as it moves to expand revenues from off-track betting parlours.

This will loosen the purse to continue efforts to enhance the infrastructure of Caymanas Park in St. Catherine. 

CTL says it will inject over $114 million into its operations to upgrade the electrical wiring, install an elevator, acquire a generator and buy track and ground equipment to renovate the north lounge.

CTL will also be installing 150 gaming machines at Caymanas Park by October while 300 should be installed before at its off track betting parlours by June. 

Nineteen jobs to be cut

Other initiatives on which the CTL says it will embark during the year to attract new gamers to the track include: the co-mingling of its pool with those of overseas tracks and simulcasting its local races to overseas punters. 

There is expected to be one less race day this year ... 81 versus 82 last year and 14 new off track betting parlours should be added to increase the total to 77. 

CTL says it expects betting revenues to rise to $4.9 billion but less will be paid out to staff.

The company plans to cut 19 jobs, reducing its workforce to 355.