Tuesday 20 October, 2020

Supreme Ventures expands gaming-machine business

Supreme Ventures' route gaming business is executed through subsidiary Prime Sports Jamaica Limited, which is led by CEO Xesus
Johnston.

Supreme Ventures' route gaming business is executed through subsidiary Prime Sports Jamaica Limited, which is led by CEO Xesus Johnston.

The Supreme Ventures Group said it has ended a revenue-sharing arrangement with ICE Jamaica, which for the last 10 years provided VLT Route services offering Las Vegas-style machines in licensed locations.

SVL also announced that it has purchased gaming machines and other equipment located in Jamaica, Trinidad, and Guyana from ICE Jamaica.

The gaming group said the concluded deal will result in the expansion of its gaming-machine business in Jamaica.

In a release, CEO of Prime Sports Jamaica Limited (PSJL) Xesus Johnston said the company is looking at new ventures and opportunities that will drive growth.

Supreme Ventures' route gaming business is executed through subsidiary Prime Sports Jamaica Limited.

“We are aligned to the needs of our customers and PSJL continues to innovate to improve customer satisfaction and increase market share,” Johnston said.

Johnston said, “Prime Sports Jamaica Limited recognises the opportunities in the industry and so we continue to invest and innovate even during this uncertain period to ensure our gaming products achieve solid returns.”

For first-quarter ending March 31, 2020, Supreme Ventures recorded net profit attributable to shareholders of  $738.37 million up from $620.98 million) in the comparative quarter of 2019.

Earnings per share totalled $0.28 for the period under review (2019: $0.24). The twelve months trailing earnings per share amounted $0.97.

The company in its first-quarter financials disclosed “the group’s operation has been negatively impacted by COVID-19 during the first quarter and will also experience challenges in the upcoming quarter as a result of closures affecting the horse racing operations, gaming lounges and places of entertainment.”

Supreme Ventures said it was looking forward to the “continuation of improvements and the launch of key initiatives through its retail channel, the continued buildout of business in Guyana and the improvement in the horse racing product through technological and new product initiatives.”

The company stated that its lottery portfolio continues to be a primary focus while improving and strengthening internal infrastructure and capabilities.

As at March 2020, Supreme Ventures Limited’s total assets base amounted to $10.22 billion relative to $7.06 billion a year earlier, a 45 per cent increase.

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