Business

Stephen Summers to head SVL's Guyana operation

Thursday, December 06, 2018

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Jamaican gaming and entertainment company, Supreme Ventures Limited (SVL) has appointed Stephen Summers as General Manager of its Guyana Company – Supreme Ventures Enterprise.

SVL begun a phased operations roll-out in Guyana after signing off on an agreement with the Guyana Gaming Authority in March.

It's the first time that the company has ventured outside of its home country. According to a release from SVL, the business will be operated through Supreme Ventures Guyana Holdings Inc (SVGH) and Supreme Ventures Enterprise Inc.

“Mr Summers is a results -driven leader offering twenty years experience in the sales and marketing arena. He has been extensively involved in several business development projects and international training programmes throughout the Caribbean, Latin America and Europe,” SVL said.

Summers holds a Bachelor of Business Administration – Marketing from the University of Technology and is currently pursuing a Masters in Business Administration with the University of Bradford, UK.

Supreme Ventures Group CEO Ann Dawn Young Sang has expressed confidence that the Guyana market is a viable one that can bring much value to the company.

“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,” Young Sang explained.

“We're bringing the vibrancy and dynamism of the Jamaican horse racing 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,” she continued.

SVGH has obtained a Betting Shop Licence from the Guyana Revenue Authority.

In phase one, to be initiated in December of this year, the company 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. Supreme Ventures 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. In 2019, the company hopes to have two more super outlets and seventeen standard outlets.

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 per cent 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,” Young Sang said.

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