The Antigua Turf Club (ATC) has issued a detailed public statement defending its proposed redevelopment of the Cassada Gardens Racetrack, describing the project as a major national development opportunity and rejecting claims that its investment partners sought excessive tax concessions at the public's expense.
According to Antigua News Room, the statement was released Monday and outlines the club's vision for transforming the historic facility into a modern sports, entertainment and leisure complex — one anchored by a revived horse racing industry and sustained by revenue from a proposed gaming operation.
The club said the statement followed growing public debate surrounding the redevelopment, including commentary on the proposed investment, requests for fiscal concessions and the intentions of both the club and its partners.
The ATC disclosed that 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 well beyond horse racing. It calls for an internationally standard racing surface, a new grandstand, saddling paddock, quarantine and receiving barns, and 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 broader development are also included. The club stated the facility is intended to operate year-round, not solely on race days.
The ATC also shed light on negotiations with the Government, stating that officials required the investor to establish an EC$5 million performance bond or escrow account before receiving concessions and tax exemptions. That requirement was met, the club said, but discussions later reached an impasse when the parties were unable to agree on one element of the broader concession package.
Addressing criticism of the requested concessions, the ATC rejected the suggestion that the proposal amounted to tax avoidance. Instead, it characterised the framework as a "Quasi-Tax Reinvestment" structure, under which funds that would otherwise leave the project would remain invested in redeveloping and operating the publicly owned racetrack. The club argued the approach would help the project become financially sustainable, generate employment and grow economic activity while reducing the need for future government subsidies.
The statement further argues that horse racing cannot survive on race-day revenues alone, noting that successful racing jurisdictions rely on recurring income from gaming, wagering, sponsorships and commercial partnerships to cover ongoing operating costs.
The club said the proposal also included broader social initiatives: a Youth Equine Academy targeting at-risk youth, eight annual scholarships in equine studies, the importation of more than 50 thoroughbred horses and the creation of jobs across racing, gaming, hospitality, veterinary services, agriculture and related sectors.
Looking beyond the immediate redevelopment, the ATC called on the Government to establish a Racing Commission or Racing Authority backed by modern legislation. The club said such a body would provide oversight for licensing, integrity controls, equine welfare, safety standards and financial accountability, while encouraging the formalisation of businesses operating within the racing industry.
The ATC maintained that the project should be viewed as more than a private investment proposal. It described the initiative 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 announcing that an updated redevelopment proposal will be submitted to the Government, expressing optimism that negotiations can resume. The club said it remains committed to working with government officials, investors and other stakeholders to revive competitive horse racing and redevelop the Cassada Gardens facility.
