FirstBank granted more than USD31m to Camarero Race Track Corporation.
Puerto Rico.- It was revealed that FirstBank granted USD31.2m to Camarero Race Track Corporation, owner of the Camarero Racetrack, 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."
Furthermore, McDonald explained that the 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 the Camarero Racetrack is an ideal client for this."
On his part, Ervin Rodríguez, President and Chief Executive Officer of Camarero Racetrack stated: "The Board of Directors, our Management Group, and all the workforce of Camarero, appreciate the vote of confidence that the directors of FirstBank have given us by granting this commercial loan."
He added: "For the past 17 years, FirstBank has been our bank and a great ally, demonstrating their firm and unwavering commitment to our company; and what it represents for the horse racing industry of Puerto Rico."
See also: Puerto Rico: investigation reveals that the horse racing industry lost USD 100,000 daily following the increase in betting costs
