Supreme Ventures Limited closes MoBay gaming lounge, blames high taxes
Debbie-Ann Wright, News Editor - Radio
Another business has announced it's scaling down operations because of current economic challenges and high taxes.
This afternoon, Supreme Ventures Limited said it was permanently closing its Acropolis Gaming Lounge operations in Montego Bay, which was formerly known as Coral Cliff.
It also said it would reduce its level of sponsorship and donations in 2014.
President and CEO of the Supreme Ventures Group, Brian George, says the current economic challenges and the significant increase in lottery gaming taxes have had an adverse effect on the Company's profits.
He notes that in 2013, the unclaimed prizes of more than $180 million which supported SVL's corporate sponsorship programmes had to be paid over to the Betting Gaming and Lotteries Commission (BGLC) under new conditions of its gaming licence.
He says this was in addition to the more than $800 million paid to the CHASE Fund, more than $1.3 billion paid in lottery and gaming taxes and more than $360 million paid for BGLC fees.
The company says it continued to honour its sponsorship and donations commitments in 2013 despite losing the funds from unclaimed prizes.
However, it says it cannot afford to continue and, therefore, will be making cuts to some traditional major sponsorships and reductions in allocation to others.
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