Janet Silvera, Gleaner Writer
WESTERN BUREAU:
SUPREME VENTURES has shelled out US$8 million (J$496 million) to acquire one of Montego Bay's prime real estate properties, Coral Cliff Hotel and Gaming Lounge, as it consolidates its bid to gain a stronger foothold in the gambling sector.
The multimillion-dollar deal comes six weeks after the gaming giant opened the Acropolis Gaming Lounge in Kingston.
Supreme Ventures, a subsidiary of the Jamaica Lottery Company (JLC), will take full control of the multimillion-dollar complex, located on the popular 'Hip Strip', Gloucester Avenue.
The property was purchased from Canadian investor Michael Shamry, who had pumped millions of dollars into the property during the past five years to make it "a first-class facility".
SECRET TO THE PUBLIC
For months, details of the acquisition had remained secret to the general public and were only confirmed to The Gleaner last Friday by Supreme Ventures' chief executive officer (CEO) and president, Brian George.
He said the resort, gaming lounge and entertainment complex which boasts 123 slot machines will fall under the Prime Sports brand. which now operates at properties such as the Hilton Kingston, Holiday Inn Sunspree Resort, Sandals Dunn's River and LXR Luxury Resorts (formerly Wyndham Rose Hall).
According to Mr. George, his company's interest in the potential cash cow stemmed from the fact that after five years in the lottery business, they recognised the importance of finding new avenues for growth. "We are not unique in setting up lounges of this nature across the island; there is necessarily an infinite growth in gaming lounges."
While not disclosing the purchase price, Mr. George admitted that the negotiations were based on future revenues. "Coral Cliff has done an outstanding job of establishing a facility with a tremendous customer base, accessible to the local players. This represents the best of both worlds," he remarked. However, a source told The Gleaner that the property was valued at US$8 million. The management of Supreme Ventures says it does not intend to retool the operation much. According to Mr. George "all the persons who were responsible for running the company before we took over will not be displaced.
PLAYER LOYALTY
"We will have a number of lounges that are linked technologically," he revealed. "That is the type of improvement we will make, developing player loyalty and reward programmes in the process."
In the meantime Supreme Ventures' entrance on the 'Hip Strip' has been welcomed by some of the major players in the industry.
"Supreme is well-funded, well-managed, and I think they will get the Strip to be dynamic and help us take it to the next level," said Coral Cliff's closest neighbour, Brian Jardim, managing director of Margaritaville.
Jardim and a number of other entities in the area have been funding daily cleanings along the strip, installing new lights, repairing the sidewalks, and strategically placing better security arrangements on the popular tourist jaunt. They are reportedly already in talks with the newcomers to get their input on future activities regarding the 'Hip Strip'.
