The House of Representatives will initiate a process to determine if horse racing agency operators are required to use only the Camarero Racetrack sports betting platform.
Puerto Rico.- The House of Representatives approved the House Resolution 1160 through which an investigative process will be initiated against Camarero Race Track Corp. to determine if it committed a crime. According to the presentation, the company would have forced horse racing agency operators to use only the Camarero Racetrack sports betting platform.
Representative Edgardo Feliciano expressed his strong support for this measure, emphasizing the importance of transparency and fairness in the sports betting industry.
«It is essential that we guarantee a fair and competitive market for all operators. This investigation will allow us to assess whether the actions of Camarero Race Track Corp. have violated the principles of fair competition and if they are in the best interest of consumers and the industry in general», stated Feliciano.
The investigation will seek to determine the impact of Camarero Race Track Corp.'s decision on horse racing agency operators and the possible effects on the sports betting industry in Puerto Rico.
The representative pointed out that he expects the Tourism and Cooperativism Commission to hold public hearings and summon all parties involved to ensure a complete and objective evaluation of the situation.
While the Legislative Power advances in investigating the possible monopolistic act, the racetrack announced that FirstBank granted it USD 31.2m for debt refinancing.
Michael McDonald, executive vice president and director of the business group at FirstBank, said: “This refinancing represents an opportunity to support the horse racing industry in Puerto Rico, one of the most important segments in the country's sports».
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Furthermore, McDonald explained that racetracks have more than 100 years of history on the island and «contributing to the economic development of Puerto Rico is one of the goals in granting loans of this nature and Camarero Racetrack is an ideal client for this”.
For his part Ervin Rodríguez, president and chief executive officer of Camarero Racetrack expressed: “The Board of Directors, our Management team and all the workforce of Camarero, appreciate the vote of confidence given to us by the executives of FirstBank by granting this commercial loan”.
