ST. CROIX — Eight months after the Legislature of the Virgin Islands questioned VIGL Operations LLC about its interest in horse racing in Antigua and the company’s lack of movement on its project to reconstruct the Randall “Doc” James Racetrack, VIGL has confirmed it is in preliminary talks for a casino venture in Antigua.
The venture would include a potential revenue-sharing partnership with horsemen from the Antigua Turf Club as they redevelop the dormant Cassada Gardens Racetrack in St. John Parish, according to Jason Williams, VIGL general manager of Racing Operations.
While VIGL explores this opportunity, the St. Croix-based hotel and casino operator recently met with Antigua government officials to discuss the business parameters, Williams said.
“We do not have any signed agreement to this day with anybody in Antigua,” he said. “We’re a company; we will continue to look for opportunities to grow our business.”
The partnership would be between VIGL and the Antigua Turf Club, a nonprofit group of horsemen who are in the process of redeveloping the racetrack that has not held races since June 2022. News of the potential partnership has recently been reported on by multiple Antigua news outlets.
VIGL would give the Antigua Turf Club a portion of its casino profits that the horsemen would use toward the redevelopment of the racetrack, Williams said. He said VIGL has verbally agreed to transfer 15% of its casino profits to ATC, clarifying the company would not be involved in redeveloping the track.
“We are not building a racetrack in Antigua,” he said. “We’re there to provide whatever guidance. We do have staff and consultants that could advise them.”
Williams said VIGL would potentially build a new casino or renovate an existing building.
“We would have to tailor it to our liking, but it very well could be an existing building we outfit as a casino,” he said.
The casino does not have to be located at the racetrack, Williams said. He said VIGL has made an initial investment with the ATC by placing money in escrow, but he did not know the amount. He said an agreement must be in place before the money would be released.
“We need a signed agreement with the government to move ahead in terms of our renovations or construction of a racino,” Williams said. “It’s just a possible opportunity, and that’s how we look at it until we know otherwise.”
Hansen Richards, Antigua Turf Club president, discussed plans to upgrade and modernize the Cassada Gardens Racetrack while appearing on an episode of the Antigua Broadcasting Service’s sports talk show, “Sports 360,” which the ATC posted to its Facebook page on November 29, 2024. He noted a sustainable business model inclusive of casino gambling.
Williams pointed out that Andrew Dubuque, VIGL chief financial officer and managing partner, told senators during a Committee on Culture, Youth, Aging, Sports and Parks meeting on September 20, 2024 that VIGL did not have a signed agreement with anyone in Antigua.
“That is still correct today,” Williams said.
During that Senate meeting, Dubuque carefully responded to questions about VIGL’s involvement with horse racing in Antigua without divulging the company’s plans.
Senator Novelle Francis Jr., who served as Senate president at the time, asked if VIGL was involved with the Antigua Turf Club. Dubuque’s response was that the company looks at a variety of mergers and acquisitions and expansion opportunities. Francis asked Dubuque if his response was a yes or no. Dubuque continued to be evasive.
“I take advice from my counsel, but I don’t think I’m at liberty to say what confidential agreements we might have with other businesses throughout the world,” Dubuque said.
Francis requested that Dubuque consult with his legal counsel, asking for an honest response. Dubuque gave another answer.
“We do not have any definitive agreements with anybody on the island of Antigua,” he said.
Francis asked Dubuque about a multi-million-dollar investment in escrow with the Antigua Turf Club for the redevelopment of a racetrack in Antigua. Dubuque said VIGL is a financially sound company with the resources to complete multiple expansion opportunities at the same time, reiterating that no definitive agreements were in place with any entity on the island of Antigua.
A document was then read into the record revealing that the Antigua government had approved terms for the Antigua Turf Club that included granting a 50-year lease to ATC and allowing VIGL’s parent company, Caravelle Group, to sublease land for a casino. The terms also required Caravelle Group to allocate Eastern Caribbean dollars in the amount of EC$5 million (about $1.85 million) in an escrow account for ATC to redevelop the racetrack.
Considering the Antigua Turf Club would redevelop and operate the Cassada Gardens Racetrack, Williams said the potential partnership is different from VIGL’s effort on St. Croix to redevelop the Randall “Doc” James Racetrack and serve as the track’s promoter.
VIGL reached an agreement with the VI government in 2016 to reconstruct the St. Croix racetrack, but the effort was stalled by the hurricanes of 2017, the coronavirus pandemic that started in 2020, and amendments made in 2021 and 2022 to its franchise agreement with the government. After obtaining all the necessary permits, VIGL’s final barrier to redeveloping the racetrack hinged on approval of a casino license that was to be built at the racetrack and serve as the primary revenue source to sustain operations and fund annual race purses.
READ MORE: “High stakes at play as Randall ‘Doc’ James Racetrack revamp banks on racino license approval”
Approval of the casino license by the Casino Control Commission on April 18, 2024 put VIGL on track to begin construction.
READ MORE: CCC approval of racino license puts VIGL Operations on track to build new STX horse racing facility
After nine months without any visible progress at the track, the Virgin Islands government filed a civil complaint against VIGL in Superior Court on January 27 seeking damages for failure to develop the racetrack in accordance with the franchise agreement. The government asked the court to revoke and terminate the agreement, claiming VIGL failed to meet numerous material obligations to include 40% completion by July 6, 2023.
VIGL and the government reached an agreement that ended their partnership and eliminated the need for legal intervention. VIGL subsequently issued a statement on March 4 announcing the conclusion of its involvement in the racetrack redevelopment project.
“VIGL has no desire to engage in a prolonged legal battle that could ultimately deprive the people of St. Croix of the opportunity to enjoy horse racing,” the statement read.
Although VIGL is no longer involved in the project, Williams said the company is still committed to the island. He noted the company’s continued operations of the Caravelle Hotel and Casino as well as the Company House Hotel.
“We continue to still be good corporate citizens,” he said.
