Acquisition will enable SVL to better leverage its entertainment brand
Regional gaming company Supreme Ventures Limited (SVL) has acquired a 10 per cent stake in Main Event Entertainment Group Limited, a premier event management, production, promotions and digital signage solutions company in Jamaica.
In a statement issued yesterday (April 30) announcing the equity purchase, SVL said the move is aligned with its growth and expansion strategy, which has seen the company expanding in the mobile gaming and financial services markets in Jamaica and into the region with iBET Supreme in Guyana and the exportation of its Cash Pot product to South Africa.
SVL Executive Chairman Gary Peart reports that, “this acquisition will enable SVL to better leverage its entertainment brand which includes lotteries, gaming lounges, sports betting and horse racing to serve a wider cross section of customers with products that are aligned to their evolving needs”.
He explains that, “Main Event’s strong reputation of delivering first-class private and corporate events since 2004, has been the hallmark for the company, coupled with its penchant to provide strong branding solutions, and is the perfect fit for the SVL brand in cementing an additional foothold in the lucrative entertainment industry”.
For his part, Richard Bair, Main Event’s chief operating officer, agrees, noting: “We are pleased to see what this partnership will bring for the Main Event Entertainment Group in the near future. Supreme Ventures is keen on further developing its entertainment business lines and that is our forte and we hope this alliance can further that direction as well as forge new frontiers for Main Event.”
Main Event Entertainment Group Limited has been listed on the Junior Stock Exchange since 2017, while SVL, which is also publicly listed, is Jamaica’s premier lottery and gaming provider, formed in Jamaica in 1995.
Latest quarterly financials
For the January 2021 quarter, Main Event made a net profit of $8.07 million after three quarters of net losses. During this quarter, the team continued to work closely with key customers to create opportunities in the ongoing challenging circumstances.
Revenues declined 71 per cent to $175.838 million in this first quarter of 2021, down from $598.142 million for the corresponding period last year.
The management of the entertainment group advised shareholders that, “the COVID-19 pandemic continues to impact business activity and performance. This has meant a very modest start to our 2021 fiscal year”.