Main Event Entertainment Group Limited (MEEG) is moving to further refine its proprietary and joint-venture events strategy as it combats heightened climactic risk, increased competition, and a weaker economic environment.

This was the update provided by co-founder and Chief Executive Officer (CEO) Solomon Sharpe at the company’s annual general meeting held last Thursday at the Terra Nova All-Suite Hotel. Main Event ventured into the proprietary event space, internally called “owned events”, during its October 2025 financial year as it sought to grow beyond seasonal market demand.

“We’re also very disciplined. We take at least 10 calls a week about potential own events, but we’re not quick to just jump at every whim and every fancy out there. We’re looking at doing our thing properly,” Sharpe responded on the move to build this segment while protecting shareholder value.

Main Event’s core business involves organising events through the provision of audio-visual services, digital signage, and promotion of events on behalf of clients.

Proprietary events involves the company organising the event and benefiting directly from various revenue sources.

That bet paid off as the company earned $189.13 million from its proprietary events and had $136.76 million in operating expenses. The main highlight of the company’s portfolio was the Jamaica Auto Show in May 2025, organised with the Automobile Dealers Association (ADA), which the CEO described as a “massive success.”

The company also shares risk with other parties through joint ventures and partnerships for these proprietary events. That segment posted a small loss in 2025, however, with $37.83 million in expenses against $20.54 million in revenue.

Although Main Event has set the foundation for this strategy, it remains focused on protecting its margins in what it describes as a highly competitive market.

“So we eventually want to get to four major [owned events] and then we start to do different layers as we move along, but the intellectual property exists within the company,” the CEO added.

The move to develop a proprietary portfolio comes against a tough year for the company, whereby higher operating costs pushed it into a $5.25-million net loss for 2025 compared to a $70.09 million net profit in 2024.

The impact of back-to-back hurricanes in 2024 and 2025, surging fuel prices, and a tighter economic environment spilled over into its 2026 earnings as revenues for the six months up to April 30 was cut 47 per cent from $891.40 million to $472.80 million. Even with operating expenses remaining marginally unchanged, the company reported a net loss of $111.09 million compared to a net profit of $64.33 million in 2025.

The passage of Hurricane Melissa dragged the company’s first quarter, which ended on January 31, as there were increased postponements and events cancellations. The co-founder even noted that one company segment was expected to deliver $100 million in revenue as Main Event expected a record November. Higher expenses have also compressed discretionary spending for existing and prospective customers while some companies have scaled back on events to better manage their capital.

“When we look at all our receivables, we have a positive outlook that they’re mostly collectible, but, again, with the economic [situation], sometimes somebody is taking an extra 15 to 30 days to pay than they would normally pay,” Sharpe noted on the company’s receivables from clients.

Main Event is currently debt-free, has $102.60 million in cash, and $180.40 million in short-term deposits built up to weather the difficult environment while retaining its team members. Sharpe noted that the company has been deliberate in what events it takes on as it not only seeks to protect its margins, but ensures it delivers the best value to clients. He pointed to the company’s work at the recent 11th Biennial Jamaica Diaspora Conference in Montego Bay and ongoing work at Caymanas Park during the World Cup season as reflections of its value to the market.

“So we’re not quick to do an event just to do its sake, to add to the top line, because it does affect the bottom line when you have these issues,” he added as he referenced the increasingly competitive market.

Main Event’s 10-year tax remission is scheduled to end in February 2027, which will see it being taxed at the normal 25 per cent tax rate. However, the company has not had a perfect 10 years as it faced lower earnings between 2020 to 2021 and is now experiencing a loss in its final two years of the tax remission.

Although the company changed its authorised share capital to an unlimited amount in July 2024, it’s not immediately looking at raising new equity capital from the capital markets. The firm will evaluate the different opportunities ahead as it comes off a decent June and looks to the remainder of the year.

“We’re very deliberate in how we spend shareholder’s money, in terms of owned events. There’s a myriad of opportunities available to us, and we’re constantly in the pipeline and developing to others,” Sharpe closed.

MEEG’s stock price closed Tuesday at $5.28, which leaves it down 31 per cent in 2026 with a market capitalisation of $1.58 billion. The stock has traded in a range of $4.31 to $9.00 over the last year as investors recalibrate their portfolios. The company has not paid a dividend since February 2024 as it deals with the aftermath of two back-to-back hurricanes.