The Antigua Turf Club (ATC) has issued a detailed public statement defending its proposed redevelopment of the Cassada Gardens Racetrack, saying the project represents a major national development opportunity and rejecting claims that investors sought excessive tax concessions at the country’s expense.
In the statement released Monday, the club outlined its vision for transforming the historic racetrack into a modern sports, entertainment and leisure complex anchored by a revived horse racing industry supported by recurring revenue from a proposed gaming operation.
The club said the proposal followed growing public discussion surrounding the redevelopment, including recent comments about the investment, requests for fiscal concessions and the intentions of the club and its investment partners.
According to the ATC, a February 2024 proposal from the USVI-based Caravelle Group envisioned an investment of approximately EC$30 million to redevelop the Cassada Gardens Racetrack and Entertainment Complex. The proposal included construction and management of licensed gaming operations, with 15 percent of net gaming revenue earmarked to fund racing operations, maintain the facility and support future expansion.
The redevelopment plan extends beyond horse racing. It includes an internationally standard racing surface, a new grandstand, saddling paddock, quarantine and receiving barns, a clubhouse housing a casino, football and cricket facilities, a children’s playground and the integration of the site’s 24-million imperial gallon dam into the overall development. The club said the facility is intended to operate year-round rather than only on race days.
The ATC also disclosed details of negotiations with the Government, stating that officials required the investor to establish a EC$5 million performance bond or escrow account before receiving concessions and tax exemptions. The club said that requirement was met but discussions later reached an impasse because the parties could not agree on one element of the broader concession package.
Addressing criticism of the requested concessions, the club rejected suggestions that the proposal amounted to an attempt to avoid paying taxes.
Instead, it said the concessions formed part of what it described as a “Quasi-Tax Reinvestment Framework,” under which funds that would otherwise leave the project would remain invested in redeveloping and operating the publicly owned racetrack. The club argued that such a structure would help the project become financially sustainable, generate employment and expand economic activity while reducing the need for future government subsidies.
The statement also argues that horse racing cannot survive solely on race-day revenues, saying successful racing jurisdictions rely on recurring income from gaming, wagering, sponsorships and commercial partnerships to support the industry’s ongoing operating costs.
The club said the redevelopment proposal also included broader social and economic initiatives, including a Youth Equine Academy for at-risk youth, eight annual scholarships in equine studies, the importation of more than 50 thoroughbred horses and the creation of employment opportunities across racing, gaming, hospitality, veterinary services, agriculture and other sectors.
Looking beyond the redevelopment itself, the ATC called on the Government to establish a Racing Commission or Racing Authority supported by modern legislation to regulate horse racing and breeding. It said such a framework would provide oversight for licensing, integrity controls, equine welfare, safety standards and financial accountability while encouraging the formalization of businesses within the racing industry.
The club maintained that the project should be viewed as more than a private investment proposal, describing it as an opportunity to diversify the economy, expand sports tourism, preserve one of Antigua and Barbuda’s oldest sporting traditions and create long-term employment.
The statement concludes by saying an updated redevelopment proposal will be submitted to the Government and expresses optimism that negotiations can resume. The ATC said it remains committed to working with government officials, investors and other stakeholders to revive competitive horse racing and redevelop the Cassada Gardens facility.
READ FULL STATEMENT BELOW:
OFFICIAL STATEMENT – ATC-1 Download
This article was originally published by Antigua News Room. Read the original article here: Antigua Turf Club Defends Racetrack Redevelopment Plan, Says Talks Stalled Over Tax Concession.