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THREE DAYS into the new year and one of the island's most popular businesses has announced that it will be closing one of its outlets and cutting corporate sponsorship.
The Supreme Ventures Limited (SVL) yesterday announced that its Acropolis Gaming Lounge (formerly Coral Cliff) in Montego Bay would be closing its doors with immediate effect.
Brian George, president and CEO of Supreme Ventures, attributed the closure to the "current economic challenges, in addition to the significant increase in lottery gaming taxes that have had an adverse effect on the company's profits".
The lottery company said, based on the requirements under its Betting Gaming and Lotteries Commission licence and additional taxes, its sponsorship and donations to national events and programmes will also be slashed.
"In light of the additional taxes, SVL cannot continue to sustain these levels of corporate sponsorships and donations while investing in the future growth of the business. SVL will, therefore, be making cuts to some traditional major sponsorships and reductions in allocation to others," George said in a statement.
The CEO said based on the conditions of its gaming licence, SVL had to hand over some $180 million in unclaimed prizes which it would normally use to help sustain its corporate sponsorships.
In addition, he said the company paid $800 million to the CHASE Fund and more than $1.6 billion in lottery and gaming taxes and fees.
The Supreme Ventures Limited (SVL) yesterday announced that its Acropolis Gaming Lounge (formerly Coral Cliff) in Montego Bay would be closing its doors with immediate effect.
Brian George, president and CEO of Supreme Ventures, attributed the closure to the "current economic challenges, in addition to the significant increase in lottery gaming taxes that have had an adverse effect on the company's profits".
The lottery company said, based on the requirements under its Betting Gaming and Lotteries Commission licence and additional taxes, its sponsorship and donations to national events and programmes will also be slashed.
"In light of the additional taxes, SVL cannot continue to sustain these levels of corporate sponsorships and donations while investing in the future growth of the business. SVL will, therefore, be making cuts to some traditional major sponsorships and reductions in allocation to others," George said in a statement.
The CEO said based on the conditions of its gaming licence, SVL had to hand over some $180 million in unclaimed prizes which it would normally use to help sustain its corporate sponsorships.
In addition, he said the company paid $800 million to the CHASE Fund and more than $1.6 billion in lottery and gaming taxes and fees.