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

The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

2020-09-10T13:54:26-05:00