Supreme Ventures Limited (SVL) – Corporate Disclosure of Impact of Covid-19 on Business Operations

Supreme Ventures Limited (SVL) has provided the following statements on COVID-19 Impact on Supreme Ventures Group and on an article published in the Jamaica Observer on April 20, 2020 entitled ‘Horse racing shutdown forces to cut 72 employees’:

COVID-19 Impact on Supreme Ventures Group
As a result of the severe disruptions and impact of the novel coronavirus disease (COVID-19) on the country’s economy and business operations, the Supreme Ventures Group has implemented a range of measures in its efforts to navigate the various challenges posed by this pandemic.
Due to government orders issued in mid-March, our subsidiaries PosttoPost Betting Limited, Supreme Ventures Racing & Entertainment Limited (SVREL) and Supreme Route Limited were impacted as those businesses were shut down completely. The Company employed several options to protect our valuable staff, including implementing company paid leave for affected employees.

“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 Supreme Ventures Group 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.
Due to the pandemics unprecedented spread across the globe, our business in Guyana has also been impacted. The organization 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.

“The Company continues to monitor the developments relating to COVID-19 and its impact on our businesses. We stand ready and committed to adapt to the changing circumstances and to return to full business operations across the Group.”