Jamaican gaming and entertainment company, Supreme Ventures Limited (SVL) has begun a phased operations roll out in Guyana.
This is the first time that the company has ventured outside of its home country.
In a statement on the venture, SVL said that the business will be operated through Supreme Ventures Guyana Holdings Inc (SVGH) and Supreme Ventures Enterprise Inc.(SVE)
It was outlined that SVGH has obtained a Betting Shop Licence from the Guyana Revenue Authority (GRA).
Supreme Ventures Group CEO Ann Dawn Young Sang is confident that the market is a viable one that the company can bring much value to Guyana.
“After extensive exploration of the industry, we see that there is indeed room for more players in the market. Consumers are more than eager for alternative options, particularly in rural areas. There is not only opportunity to expand the existing gaming market, but we also look forward to breaking new ground in the entertainment space,” Mrs Young Sang explained in the statement.
In phase one, to be initiated in December of this year, the company said it will begin the implementation of its horse racing products featuring wagering on races simulcast from Caymanas Park and North America along with Video Gaming terminals with sports-themed games.
SVL said it has also acquired a building in the heart of Georgetown from which it will operate a super-store with a lounge and its horseracing business.
“We’re bringing the vibrancy and dynamism of the Jamaican horseracing industry to Guyana through simulcast, and offering the market pool betting on the races. Currently, punters in Guyana are accustomed to bookmakers who offer Live betting on horses” said the CEO.
In 2019, the company hopes to have two more super outlets and seventeen standard outlets operational in Guyana.
Supreme Ventures is convinced, based on its market research, that the Guyana market offers huge potential and upside.
This new operation comes on the heels of a report of an increase of 12 per cent in revenue for the nine months ended September 30, 2018, of $46 billion.
Like revenue, net profits of $1.52 billion reflected an increase of $192.65 million or 14.52 percent when compared to the similar period of 2017.
The group’s performance for the quarter was attributed to the continued focus on strategic priorities and the execution of key initiatives, which were driven by improved performances in sports betting, lottery, horse racing, and VLTs.
“This represents the best third-quarter performance in the history of the company’s operations. It is, therefore, an opportune time for us to explore other options outside of Jamaica,” Mrs Young Sang posited.