FirstBank OKs $31M in refinancing to Hipódromo Camarero
The racetrack will use the funding to continue to operate uninterruptedly.
FirstBank recently granted refinancing of nearly $31.2 million to Camarero Race Track Corp., the owner of Hipódromo Camarero racetrack in Canóvanas.
The refinancing reflects the financial strength the company has achieved in recent years, bank officials said.
“This refinancing represents an opportunity to support Puerto Rico’s horse racing industry — one of the island’s most important sports segments, and our racetracks have a history of more than 100 years,” said Michael McDonald, director of FirstBank’s Business Group.
“Contributing to Puerto Rico’s economic development is one of our objectives in granting loans of this nature, and Hipódromo Camarero is an ideal customer for this,” said McDonald.
Since 2007, Camarero Race Track has been operating the only horse racing facility in Puerto Rico, which currently has two restaurants, México Lindo and Estribos; a food truck, La Recta Final; a bar; and several individual rooms available to the public for private activities.
“The board of directors, our management group, and the entire Camarero workforce are grateful for the vote of confidence the directors of FirstBank have given us with this commercial loan,” said Ervin Rodríguez, CEO of Hipódromo Camarero.
“For the past 17 years, FirstBank has been our bank and a great ally, demonstrating its firm and unwavering commitment to our company and what it represents for Puerto Rico’s horse racing industry,” he said.
He added that the transaction will allow the company to continue its uninterrupted operations, “new growth opportunities and, in this way, guarantee services to our fans and the entire component of the equestrian industry.”
Last month, the Puerto Rico Horse Owners Association Inc. filed a civil suit against the Puerto Rico Gaming Commission, various government officials and Camarero Racetrack Corp., citing concerns over the condition of the thoroughbred racetrack owned by the latter, as News is my Business reported.
Meanwhile, earlier in the day the Puerto Rican Legislature passed House Resolution 1160, which seeks to conduct an investigation into Camarero Race Track Corp.’s decision to require horse racing agency operators to use only the Camarero racetrack’s sports betting platform.
Rep. Edgardo Feliciano expressed his “strong support” for this measure, underscoring the importance of transparency and fairness in the sports betting industry.
“It’s essential that we ensure a fair and competitive market for all operators. This investigation will allow us to evaluate whether the actions of Camarero Race Track Corp. have violated the principles of fair competition and are in the best interest of consumers and the industry in general,” said Feliciano.
The investigation will seek to determine the impact of Camarero Race Track’s decision on horse racing agency operators and the possible effects on the sports betting industry in Puerto Rico. He said he expects the Tourism and Cooperative Committee to hold public hearings and summon all the parties involved to “ensure a complete and objective evaluation of the situation.”
