Brian George as CEO of Supreme Ventures’ Limited (SVL) was able to generate net profit after tax of $646M, a 59.4% increase in profit over the previous year taking the #3 position on The List. This achievement came despite macro -economic challenges and the effects of Hurricane Gustav.

At the end of 2007, Brian said that SVL’s strategy going into 2008 included

1. The refurbishment of its Montego Bay-based Coral Cliff Entertainment centre.
2. Increase in the Lucky5 Daily Top Prize,
3. Exploration of the possibility of a Daily Bingo Game and
4. A possible overhaul of its Lotto Game, which while still experiencing growth, is approaching the mature phase of its life cycle.

The Brian George led Supreme Ventures Limited raked in over $21.2 billion in Revenues for the 2008 financial year, bettering the previous year by 11.9%. The Gaming business was quite profitable, realizing $645.9 million, a 59.4% increase over the previous year’s performance. This amounted to a 2008 EPS of $0.24 compared with $0.15 the previous year. This remarkable performance was achieved with a 45.85% increase in expenditure having regard to increased lottery payouts, lottery taxes and other direct expenses.

A contributing factor to the year’s performance was the reorganization undertaken during the year to amalgamate certain entities within the Group involving transferring of assets and liabilities of Coral Cliff Entertainment and Village Square Entertainment to Prime Sports Limited and the transferring of assets, liabilities and business from Jamaica Lottery Company to Supreme Ventures Limited. During the year too, the stock was cross listed on the TTSE at TT$0.28 per share.

$410.8 million was paid out to shareholders as dividends during 2008, which equates to $0.15 per share for the year. Net Book Value of $1.11 at year end 2008 compares favourably with $0.92 at Y/E 2007.

Going forward Brian is suggesting that the ability to continue to grow MoneyGram remittance and foreign exchange trading services will be impacted by the expected decline in overall remittances in 2009.

The sale of cellular phone electronic PIN codes also increased significantly by 21.93% ($ 956M) in 2008, compare d to $784 M in 2007. However, SVL said all of the cellular providers have sought to reduce the commissions paid to distributors such SVL, a move which may potentially make this business line only very marginally profitable area. According to Brian commission income is shared between the agents, GTECH and SVL. SVL had previously absorbed the reductions; however the company said it is now reaching the point of diminishing returns.

According to Brian the 2009 financial year is expected to be very challenging, especially in light of the global economic crisis and several countries going into recession. He is also of the view that SVL is in a very fortunate position where-by there is no need to rely on imported ‘raw material’ for successful growth of its lottery revenues.

Brian said, “We however recognize the need to upgrade the slot games at our gaming lounges, to keep pace with our competitors and continue to provide our customers with new and exciting options. Given the positive cash position of the company, the requirement for borrowing to finance our operations is at a minimum and as such, the liquidity crisis and the growth in interest rates are not expected to have an adverse effect on our growth and expansion plans.” Truly an enviable position to be in. The Hoo/George combination has proven that Gaming is indeed big business. BM