Returns from Oval a given
WHILE KENSINGTON OVAL is still in the red, its management is confident that efforts to grow revenue will succeed.
Henry Inniss, chief executive officer of Kensington Oval Management Inc. (KOMI) which manages the sporting and recreational facility, said an entity like Kensington Oval would struggle in the prevailing economic conditions to build revenue.
He told BARBADOS BUSINESS AUTHORITY that KOMI was currently developing a strategy to strengthen its revenue base and cover expenses associated with running the facility.
Responding to suggestions that the $160 million investment could become a white elephant, Inniss said Kensington Oval was not expected to record a quick return but was a long-term investment.
Inniss cited what he called KOMI’s “good off-field programme” that included the hosting of seminars, fetes, luncheons, weddings and other social events that generated important revenue for KOMI.
“However, we are building passive income that will come in regardless of whether there is an event on or not. If this is successful, we could move into the black within the next 18 to 24 months,” he noted.
Meanwhile, an important source of revenue for KOMI is the Cricket Legends of Barbados International (CLOBI) Masters Cricket Tournament which is expected to be much bigger this year.
According to Inniss, the CLOBI Cup should attract more spectator participation as well as more international teams.
“I expect that within a few years, the CLOBI Cup is going to be a major tournament” from which Kensington Oval will also benefit. (GE)