SVL focused on regional expansion

September 10, 2020

For the financial year under review, Chairman of Supreme Ventures Group Limited, Mr. Gary Peart highlighted that, “2019 was a greater year than 2018 showed by the continuous record- breaking performances across the Group.” The Group achieved sales of $38.52 billion (2018: $32.94 billion) and net profit of $2.47 billion (2018: $2.10 billion).

There are a few strategic objectives in which the Company used for the 2019 financial year, namely:

  • Execution excellence:
    • Build a results-driven organization
    • Building core technological infrastructure
  • Building strong relationships:
    • Optimize customer experience
    • Evolving our brand
  • Market dominance:
    • Increase market share in each segment
    • Develop new channel to reach new customers

With respect to the 2019 financial year, there were some highlights to be noted:

  • Record breaking ticket sales of $73 billion
  • Massive winnings of over $50 billion
  • Growth of Sports Betting segment by 178.1%
  • Growth of Horseracing by 13.8%

The CEO of PrimeSports of Jamaica Limited, Mr. Xesus Johnston, highlighted the 2019 deliverables as follows:

  • Sports Betting:
    • Platform improvements
    • Acquisition of Anybet which always target of specific customer segments, sporting events and other products
  • Gaming and Hospitality:
    • Increased sales in Pin Codes segment
  • Lotteries:
    • Sales channel improvements and customer facing promotions

Additionally, the General Manager for Caymanas, Mrs. Lorna Gooden, mentioned the investments in Caymanas in 2019:

  • Since 2017- SVL invested $2.2 billion in the facilities and operations at Caymanas Park, in which $135.33 million was invested in 2019. This included:
    • Over $90 million Capital expenditure
    • Just under $22 million in Facility Improvement
    • SVL acquired water trucks and tractors at a cost of $24.25 million
    • SVL invested $14 million in Tote Equipment
  • Live/Local racing increased by 8%
  • Simulcasting increased by 20%
  • Network expansion: Off-Track Betting (OTB) Network expansion new website
  • Growth:
    • New Mbet accounts
    • Introduction of Parlay betting
    • Reintroduced English Racing; UK sales rolled out in April
    • Exported signal to Guyana and North America

Looking ahead:  

  • Mrs. Gooden outlined the outlook for Caymanas as follows:
    • Stable management software
    • Replacement of Tote Board with Digital Screen
    • Re-orientation of ground floor- infrastructure development
    • Track development
    • Continued negotiation with the government and PMU for more reasonable terms.
    • Jockey room renovation which will be completed within another 2 weeks
    • New Simulcasting Betting
    • Continue thrust to take Caymanas Park to the international market
    • A letter of intent was signed in June between SVREL and Intelligent Gaming for the development and marketing of horseracing between Jamaica and South Africa. The letter expires May 2021.
    • An MOU was signed between SVREL and Chukka Adventures for the development of Caymanas Park as part of its tourist destination spots.
  • Mr. Johnston highlighted the plans for the PrimeSports Jamaica Limited:
    • Connecting with retailers:
      • CEO visits to retailers to drive cohesion and alignment
      • Supreme Connect- a quarterly retail newsletter
    • Connecting with Staff: Staff newsletter, job improvement programmes and incentives
    • Connecting with customers:
      • Revamp new products
      • Create new products
      • Make payments for online products convenient
  • Mr. Dennis Chung, CEO of the newest subsidiary, Supreme Ventures Services outlined the outlook as follows:
    • Operational efficiency and excellent with a focus on minimizing cost
    • A premium digital business hub (B2B) for medium businesses providing specialized services including:
      • Human resource
      • Bearer services
      • Marketing
      • Information technology
  • Mr. Peart stated the outlook of the Group as follows:
    • Regional Expansion
    • Interactive/ Online Gaming
    • Technological Buildout
    • Human Resource Capacity
    • Competitive Strategy
    • SVREL

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