Supreme Ventures cuts staff, closes two gaming lounges amid $76m loss
Supreme Ventures today announced that it has closed two of its operations and made 20 positions redundant in response to a massive decline in revenue.
Noting the bleak financial forecast, Brian George, the president and chief executive officer of Supreme Ventures, says the Odyssey Gaming Lounge at Market Place in Kingston and the Castle Gaming Lounge in Portmore have been closed.
However, George said the lottery and sports betting unit at the facility in Portmore will remain open.
Meanwhile, Supreme Ventures says it will focus on the flagship gaming lounge – Acropolis Barbican.
It says about 20 positions will be made redundant, after a reallocation of staff resources to meet the new needs at Acropolis Barbican.
“This has been a difficult decision for us but the management team was charged with the task of eliminating the continued losses,” George said.
The company says its nine-month unaudited financial statements as at September 30, showed that $313 million was generated in revenue, representing a decline of $76 million, when compared with the similar period last year.
In addition, Supreme Ventures said its operations continue on track for further losses for the rest of the year.
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