Seeking, it says, to breathe new life into its operations here, the Jamaican-owned gambling establishment, Supreme Ventures Guyana Holdings, says that it has set March 2021 as a timeline for recovery from the shaky start to its operations which commenced here in 2019.
In what is likely to be seen here as a gesture of confidence in the Guyana economy, going forward, the company, during a recent exchange with the Sunday September 13 issue of the Gleaner, says that losses recorded during its startup year will not deter it, going forward. The Gleaner reports Gary Peart, Executive Chairman of parent company, Supreme Ventures Group, as saying that the local entity’s startup challenges had been compounded by the outbreak of COVID-19 and almost simultaneously, by the fallout from the March 2 general elections in Guyana. Peart reportedly said that while retailer recruitment and buildout of the network continues in Guyana, the two sets of unforeseen events had slowed down the process.
Last week, Pert moved to assure company shareholders the Supreme Ventures leadership had devised a new strategy intended to have its Guyana operations positively contributing to SVL Group results by March 2021.
“We have seen a setback from our original plan, but we are happy to announce that we have created a new strategy and we expect this business to start contributing positively to the group’s profit by the first quarter next year,” Peart is quoted as saying during the company’s annual general meeting.
Supreme Ventures Guyana was launched in Georgetown in February 2019, operating as iBet Supreme.
While discussions are happening around improving the earnings for the Guyana operations, which reportedly lost millions during its first quarter, Peart anticipates that its profits would improve based on a combination of projects already underway.
Like many other companies, SVL’s operation was negatively affected by the outbreak of COVID-19, but it managed to maintain profit of $929 million on revenue of $9.6 billion for the six months ending June, the Gleaner says
