Supreme Ventures Racing and Entertainment Limited is about to put in solar panels at its Caymanas Park horse racing monitor in Portmore, St Catherine.
THE Portmore-based Caymanas Park is ready to get the addition of a solar power set up, together with additional investments this yr, because the horse racing venue will get again on monitor after being restricted during the last two years because of the novel coronavirus pandemic.
This comes as Supreme Ventures Racing and Entertainment Limited (SVREL), which manages the placement, continues to improve the services and discover methods to deliver better effectivity to the enterprise. Executive chairman of Supreme Ventures Limited (SVL) Gary Peart revealed that the brand new tote board ought to be operational subsequent month which comes after the challenge to sink a brand new nicely for water was accomplished.
“The solar project is well underway and once it is completed, we will advise on the investment and other details. We are very excited about the potential outcome and look forward to the efficiencies that will be created. The board and management team of Caymanas Park have demonstrated their ability to be agile and dynamic in an ever-changing environment. We will continue to do so as we work towards making Caymanas Park the horseracing mecca of the region,” said normal supervisor of SVREL Lorna Gooden in an e-mail with the Jamaica Observer.
Though SVREL hasn’t printed financials since November 2020, Gooden did point out that SVREL will probably be publishing quarterly financials as a part of the broader SVL’s quarterly launch. SVREL reported $4.93 billion in income between January to November 2020 however recorded a internet lack of $216.73 million in the identical interval. SVL publishes horseracing underneath its sports activities betting phase together with its video lottery terminals enterprise. Sports betting had a 17 per cent improve in income to $3.51 billion with the phase consequence up 17 per cent to $287.22 million within the first quarter ending March 31. The phase had $541.05 million in capital expenditure on property, plant and tools throughout the quarter.
SVREL had signed an settlement with Chukka Caribbean Adventures in June 2020 so as to add the placement as a part of its excursions to company throughout the island. Peart defined that the corporate would even be getting again on stream with exporting content material from Caymanas Park via its Australian accomplice BetMakers Technology Group Limited. Caymanas Park would additionally profit from the longer term three way partnership manufacturing firm with Main Event Entertainment Group Limited.
“In the case of Caymanas, all the races on the western coast of the United States, we couldn’t show them. Those guys are three to four hours behind Jamaica and those races come to us 9 pm or 10 pm, so we couldn’t have them. Now, we can show those races and the revenues are there to be extracted,” Peart defined.
Gooden is trying ahead to the alternatives for Caymanas Park later within the yr following the discontinuation of restrictrions underneath the Disaster Risk Management Act in March. However, she expressed warning because of the COVID-19 variants and altering occasions.
“We are thankful that the Government has relaxed the COVID-19 measures. However, the team is mindful of the need to be prepared in case of any rapid changes, as well as to ensure we remain vigilant to protect the wider Caymanas community. Operations of Caymanas will continue based on our approved strategic plans which focus on the improvement of the quality of the product being offered to the public and the further development and improvements being undertaken,” Gooden defined.
Peart revealed that SVL will probably be opening a brand new cost centre on the Twin Gates Plaza in St Andrew, the place CIBC FirstCaribbean International Bank was as soon as. He additionally famous that the corporate was saving about $40 million by transferring its location from the Sagicor Building to its present Retirement Crescent location. He additionally defined how the corporate has used work from home and inclusion of sizzling desks to drive additional efficiencies within the enterprise and cut back prices beforehand related to a full employees complement.
SVL may also be automating extra providers and digitising supply of providers to clients. SVL’s Charge Up product may also function a means for the corporate to deliver extra companies to the underneath and unbanked inhabitants of Jamaica as seen with the current addition of EduFocal. This will probably be complemented by Supreme Ventures Services Limited to outsource the again workplace capabilities of firms.
He additionally indicated that the corporate was seeking to capitalise on its South Africa Cash Pot deal as they give the impression of being to the tail finish of the second quarter for exercise to scale once more.
“The expectation of Guyana is great. Once the oil revenue starts to percolate through the economy, I think having a business there, pre-oil boom, is good as you understand the lay of the land. As that money starts percolating through, we will start to benefit from it. Guyana allows us to set the stage for entering other markets because we now know how to enter other markets. Guyana serves several purposes that is not just about the country,” Peart defined about Guyana.
While Peart is trying ahead to the brand new merchandise coming by October particularly alongside its fintech and microfinance subsidiaries, he’s assured that the work being completed with the stakeholders at Caymanas Park will bear fruit for the corporate and business on a complete.
“There’s a whole heap of work to be done there. We’re engaged with the stakeholders. The feedback from the stakeholders is that they understand what we’re doing and we’re doing a lot of good things out there. As we put in more initiatives, we can get to a sustainable place for Caymanas. We’re working hand-in-hand with the stakeholders there. Certainly, with the advent of the Trainers Association and…the Groomer’s Association, they’ve been strong supporters of what we’re doing in the sense that they know it’s going to take time. We took time to explain what we’re going to do and what our limitations are. I want to thank all of them including the trainers, groomers, jockeys, farriers, etc. for allowing us the time. We’re beginning to see the green shoots of a new Caymanas,” Peart closed.