Durrant Pate/Contributor

The Jamaican Government has granted regional gaming giant Supreme Ventures Limited (SVL) an extension of 30+ years on its existing lottery licence.

The extension was granted by state gambling regulator, the Betting, Gaming & Lotteries Commission, despite SVL’s current licence expiring in 2033.

Speaking in an interview with Our Today, SVL executive chairman, Gary Peart, is excited about the long extension, which will redound to the company’s future and expansion plans.

The licence will now expire in 2068, some 35 years away. Our Today was unable to decipher whether there are any new conditionalities attached to this extension, as did the extension granted in 2011, which was set to run to 2026 but was further extended to 2033.

In the 2011 extension, Supreme Ventures was mandated to invest some US$5 million, which at the time amounted to J$480 million in upgrading and expanding its lottery and gaming operations in Jamaica. This latest renewal of its licence is a statement of confidence the regulator has in SVL, which will allow the company to maintain its substantial contribution to the CHASE fund.

SVL expects to contribute J$17 billion to the CHASE Fund over the period 2011-2026, in addition to expanding its gaming network to provide additional jobs in the future.