Supreme Ventures Limited (SVL), in a disclosure made through the Jamaica Stock Exchange, says the company has been severely impacted by the COVID-19 pandemic.
The disclosure follows an article published in the Jamaica Observer on April 20, 2020 entitled ‘Horse racing shutdown forces to cut 72 employees.’
SVL acquired the horse racing track, Caymanas, through a new subsidiary, Supreme Ventures Racing and Entertainment Limited (SVREL), in 2017.
The company stated that it would be implementing several new strategies for the subsidiary following the “the severe disruptions and impact of the novel coronavirus disease (COVID-19).”
We stand ready and committed to adapt to the changing circumstances and to return to full business operations across the Group.”– Supreme Ventures Group
It outlined that due to government orders issued in mid-March, subsidiaries Post to Post Betting Limited, Supreme Ventures Racing & Entertainment Limited (SVREL) and Supreme Route Limited were shut down completely.
Some staff were sent on paid leave, among other options exercised.
SVL said in its update, “The horseracing operations at SVREL endeavored to remain open with creative solutions such as spectator less races, in an effort to protect not only the direct employees but also the wider industry ecosystem and the livelihood of the over 120 off-track betting small businesses across the country.”
The company disclosed that it has been forced to temporarily lay off staff across its subsidiaries, which has largely impacted the company’s horseracing subsidiary, SVREL, affecting 72 employees in the administrative, tote, racetrack operations and customer service areas.
Guyana, another recent start-up which offers sport betting, has also been negatively affected.
It was stated, “Due to the pandemics unprecedented spread across the globe, our business in Guyana has also been impacted. The organisation has had to quickly respond to ensure that they are able to maintain continuity, while working through the changing parameters impacting the business community across the country.”
Actions taken in Guyana were not specified.
SVL said it would continue to monitor developments relating to COVID-19 and its impact on its businesses.
“We stand ready and committed to adapt to the changing circumstances and to return to full business operations across the Group,” management concluded.