Jamaica News

Effective yesterday, October 15, Supreme Ventures Ltd has closed the Villagio Gaming Lounge (located at the Hilton Hotel in New Kingston), citing that the decision is part of a restructuring exercise that’s aimed at “improving efficiency in (its) operations”.

In the process, twenty workers were laid off, and the company has now reportedly rid itself of what is said to be an expensive lease at the Hilton Hotel.

In a statement released yesterday, Supreme Ventures said “SVL has announced the restructuring of its Gaming Lounge business operations, with its decision not to renew a lease agreement with the Hilton Kingston Hotel, for the space occupied by the Villagio Gaming Lounge on that property. The restructuring exercise is aimed at improving efficiency in operations, thereby contributing more to the Group’s profitability.”

They have not disclosed whether all three remaining gaming lounge operations – Coral Cliff in Montego Bay, Acropolis in May Pen and Acropolis in Barbican – would suffer the same fate.

In Jamaica Stock Exchange activity yesterday (May 7, 2009), here were the major movers:

Seprod Group of Companies Ltd. ended up 5% (closing price – $14.50). Good results are seldom delayed; as such, Seprod impressed with theirs which was released earlier this week. For the first quarter of operations, gross profit of J$695M (growth of 31%) resulted from revenues of J$2.483B (up 24%). The real extraordinary boost to profitability came in finance and other operating income, which was buoyed by foreign exchange gains, and amounted to J$313M, an increase of 243%.

Supreme Ventures Ltd. ended down 5% (closing price – $2.20). The just concluded budget debate has brought and popularized two terms in the national psyche – rolled oats and sin taxes. While a definition of the former will hereby be deferred, sin taxes relate to taxes levied by the state on goods and services that are regarded as vices. These are mainly alcohol, tobacco and gambling. It appears though that Supreme Ventures has escaped additional burden this year.