Supreme Ventures shutters three subsidiaries
Chairman of Supreme Ventures, Gary Peart.
Gaming group Supreme Ventures Limited (SVL) has shuttered three subsidiaries and is running spectator-less races at Caymanas Park.
In a disclosure made through the Jamaica Stock Exchange on May 22, SVL said government containment measures to stem the spread of the coronavirus (COVID-19) have caused sales to contract.
As a result, the company is in the process of implementing several new strategies for Caymanas Park and other affected subsidiaries.
In the meantime, it has shuttered operations at its subsidiaries Post to Post Betting Limited, Supreme Ventures Racing & Entertainment Limited (SVREL) and Supreme Route Limited.
The move, it outlined, resulted from, “severe disruptions and impact of the novel coronavirus disease (COVID-19) on the country’s economy and business operations.”
SVL said it was implementing “a range of measures” to navigate the various challenges posed by the COVID-19 pandemic.
Regarding those companies closed, it said, “Due to government orders issued in mid-March, we were impacted as those businesses were shut down completely.”
The company said it would employ several options to protect “valuable staff, including implementing company paid leave for affected employees.”
SVL said it is in the process of implementing several new strategies for Caymanas Park
SVL disclosed that it has tried to keep horseracing operations at SVREL open with creative solutions such as spectator-less races to protect not only the direct employees but also the livelihood of the over 120 off-track betting small businesses across the country.
SVL’s acquired the horse racing track through a new subsidiary, Supreme Ventures Racing and Entertainment Limited (SVREL) in 2017.
“The Supreme Ventures Group has been forced to temporarily lay off staff across its subsidiaries, which has largely impacted the company’s horseracing subsidiary.”
Seventy-two employees in the administrative, tote, racetrack operations and customer service departments were laid off.
SVL also said its Guyanese operation, another venture which is fairly new for the company, has been affected.
“Due to the pandemic’s unprecedented spread across the globe, our business in Guyana has also been impacted. The organisation has had to quickly respond to ensure that they can maintain continuity while working through the changing parameters impacting the business community across the country," SVL said.
“The company continues to monitor the developments relating to COVID-19 and its impact on our businesses. We stand ready and committed to adapt to the changing circumstances and to return to full business operations across the group,” SVL said.
In another notice, SVL promised to issue results from Caymanas monthly, for the benefit of the public.
Commenting further on the move to publish SVL's results monthly, the group told Loop News, "Supreme Ventures Limited (SVL), the sole shareholder of Supreme Ventures Racing & Entertainment Limited (SVREL) the operator of Caymanas Track recognises the renewed interest in the operations of the company, especially in light of the COVID-19 crisis, which resulted in the lockdown of the park”.
"As a listed company, we have always been transparent in our operations, so this move by the company’s Board of Directors to publish the monthly unaudited financial statements as of May 2020 is in alignment with our efforts for continued corporate and public disclosure."
It added, "SVL understands the discerning nature of all our stakeholders and therefore believes it’s our fiduciary responsibility to always provide factual information in various mediums at all levels for greater understanding in the decisions surrounding SVREL’s operations."
The board further said, "We note that due to the unique nature of SVREL’s business operations, the impact of COVID-19, and the number of internal and external stakeholders within the horseracing industry, whose livelihoods are directly affected by its operations, the board believes that publishing the financial statements is a judicious move."