Chairman of Supreme Ventures Limited (SVL) Paul Hoo says that his company is not a monopoly in the local gaming industry.

Hoo told this week’s Jamaica Observer Monday Exchange that SVL is open to competition, as he responded to questions about the perception of SVL that, with its takeover of racing at Caymanas Park, it is taking over the gaming industry in Jamaica.

“Gaming is our business, so we are engaged in all aspects of gaming. However, we are not the dominant party in sports betting,” Hoo said, noting that SVL was not dominant in terms of gaming lounges, as it owns only one lounge, Acropolis in Kingston.

“So, yes, we are engaged in the industry because it is gaming, and we do have synergies and, therefore, I would look at every aspect of gaming to become involved in,” he stated.

“But, I wouldn’t say that we have a monopoly. That would be slightly incorrect. We are open to competition,” he added.

Hoo noted that SVL has no exclusivity in lotteries, in terms of licensing, for example.

SVL sought a 30-year exclusive licence for horse racing at Caymanas Park, in its bid for the recently divested Government-owned operation. However, with the divestment, the Government granted 15-year exclusivity, which was considered enough time for the investors to recoup their investment free from competition.

Hoo explained that, without a period of exclusivity, SVL could not have taken on the investment.

“If we didn’t have exclusivity, we couldn’t participate. We couldn’t make the type of investment that we are making for somebody to open in six months’ time, geographically as far as Negril. It’s not the location that constitutes the competition, it’s the actual product,” he said.

He said that, further more, in relation to horse racing, SVL has no control over owners and trainers and their horses.

SVL’s tenure as the new operators of the entity commenced on March 7, through its wholly owned subsidiary Supreme Ventures Racing & Entertainment Limited (SVREL). The operations include horse racing and simulcast promotion; as well as parimutuel pool operations.

The acquisition provided for the following:

• Purchase by SVREL of chattels owned by CTL; and

• A 30-year renewable lease of CTL’s property at Caymanas Park in favour of SVREL, extendable at the option of the company, or its assignee, for a further term of 30 years.

SVL’s move into this segment of the gaming industry and this particular location has extended the regulatory oversight to include the following entities:

• The Jamaica Racing Commission;

• The National Environment and Planning Agency;

• South East Regional Health Authority;

• The Water Resources Authority.

The Government will also be monitoring SVREL’s development plans through the Project Monitoring Committee, which was established as a part of the divestment agreements.

Starting March 3, SVL began holding stakeholder meetings, as well as meetings with those CTL staff members to whom temporary contracts have been offered.