(Jamaica Observer) Lotteries company Supreme Ventures Ltd (SVL) has announced that it has entered the build-out phase of its gaming operation in Guyana, with plans to roll out the initiative “in the coming months”.
In March, SVL disclosed that it had signed an agreement with the Guyana Gaming Authority which was subject to a confidentiality clause. When the Jamaica Observer contacted SVL on Monday, the company said it would make full disclosure of its plans for the market at the end of the year.
SVL’s entry in Guyana could see the company going up against the Princess Hotel and Casino and affiliate of the Canadian Bank Note Company, Guyana Lottery, for market share. The Guyana Marriott Hotel is also looking to get a toehold into the market.
Reports from Guyana list games such as ‘Lotto Supa 6,’ ‘Lucky 3,’ ‘Daily Millions,’ and ‘Draw De Line’; along with a range of popular ‘scratch’ games as gaming products currently offered by the Guyana Lottery Company. Additionally, Guyana Lottery was recently handed a five-year renewable contract that allows it to introduce new games using Video Lottery Teller Machines such as casino slot machines and online gambling.
The update from SVL comes amidst 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.
“This represents the best third-quarter performance in the history of the company’s operations,” President and CEO Ann-Dawn Young Sang said in a report adjoining the company’s financials on the Jamaica Stock Exchange.
The group’s performance for the quarter was attributed to 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.
Revenues from the lottery games portfolio continue to show a strong growth trend, driven by the successful deployment of marketing and retail initiatives. Major promotional activities for the year to date include Mega Pot, Mega Cup and Cash Pot in The Streets.
Sports Betting revenues have grown significantly, benefiting from key initiatives and the JustBet Goal Rush World Cup campaign momentum. Year-to-date segment performance improved by $12.8 million or 33.7 per cent when compared to the similar period in 2017.
Horse racing recorded an increase in revenue of two per cent or $23.8 million over 2017. Nevertheless, the segment incurred a loss for the period, particularly resulting from increased expenditure on necessary repairs and maintenance.
SVL noted that it will continue to maintain the positive momentum achieved in 2018 through the timely execution of key strategic initiatives for the remainder of the year, including the development and deployment of a mobile solution to further enhance the group’s product offerings and customer experience.
In addition to rolling out the Guyana initiative, SVL Group said it’s also closely monitoring the horse racing segment order to stem losses experienced year to date.