Tweet
Supreme Ventures seeks stake in Prime Sports
Observer Business Reporter
Wednesday, April 20, 2005
The Melville family and Supreme Ventures are close to finalising a deal for Supreme to take a significant stake in Prime Sports, the gaming company founded by Danny Melville in 1992.
Both Alexander Melville, executive chairman of Prime Sports, and Paul Hoo, chairman of Supreme Ventures, confirmed that talks were taking place, but both said some details were still being ironed out.
The Melvilles - Danny, Alexander, Marc, and the family scion, Daniel - are 50 per cent owners of Prime Sports for which they have the management responsibility. The other half is owned by Dan and Brian Teitel of the USA.
Prime Sports operates some 250 slot machines at several locations throughout Jamaica, including the Hilton Kingston Hotel; Holiday Inn, Wyndham Rose Hall, both in Montego Bay; and Jamaica Grande and Sandals Dunns River, in St Ann.
The Supreme/Prime Sports partnership is considered symbiotic because, while gaming is the core business of Supreme, it lacks the licences and the established operation to get into the business quickly. It would therefore represent a relatively easy route to a lateral expansion of its gaming offering.
At the same time, the partnership would pump the level of cash in the business that the Melvilles would not now be able to afford, given their significant capital commitment to their other business - Chukka Caribbean Adventures, and Tropical Battery. Chukka Caribbean is on a major expansion drive throughout the region.
Late last year, Prime Sports spent close to $40 million upgrading and expanding the gaming facilities at the Hilton Kingston, to 4,000 square feet. There are also plans to add another 2,000 square feet to the hall and to increase the number of machines from 80 to 150.
Prime Sports currently employs 60 workers.
Alexander Melville, who along with his brother Marc are this year joint business leader nominees, told the Business Observer that the company paid out about 87-94 per cent of intake, making it a popular spot for gamers.
When Melville became executive chairman of Prime Sports in 1997, the gaming company had machines in some 17 hotels, but Melville said they decided to pull out of the smaller properties because they were not feasible.
Supreme Ventures seeks stake in Prime Sports
Observer Business Reporter
Wednesday, April 20, 2005
The Melville family and Supreme Ventures are close to finalising a deal for Supreme to take a significant stake in Prime Sports, the gaming company founded by Danny Melville in 1992.
Both Alexander Melville, executive chairman of Prime Sports, and Paul Hoo, chairman of Supreme Ventures, confirmed that talks were taking place, but both said some details were still being ironed out.
The Melvilles - Danny, Alexander, Marc, and the family scion, Daniel - are 50 per cent owners of Prime Sports for which they have the management responsibility. The other half is owned by Dan and Brian Teitel of the USA.
Prime Sports operates some 250 slot machines at several locations throughout Jamaica, including the Hilton Kingston Hotel; Holiday Inn, Wyndham Rose Hall, both in Montego Bay; and Jamaica Grande and Sandals Dunns River, in St Ann.
The Supreme/Prime Sports partnership is considered symbiotic because, while gaming is the core business of Supreme, it lacks the licences and the established operation to get into the business quickly. It would therefore represent a relatively easy route to a lateral expansion of its gaming offering.
At the same time, the partnership would pump the level of cash in the business that the Melvilles would not now be able to afford, given their significant capital commitment to their other business - Chukka Caribbean Adventures, and Tropical Battery. Chukka Caribbean is on a major expansion drive throughout the region.
Late last year, Prime Sports spent close to $40 million upgrading and expanding the gaming facilities at the Hilton Kingston, to 4,000 square feet. There are also plans to add another 2,000 square feet to the hall and to increase the number of machines from 80 to 150.
Prime Sports currently employs 60 workers.
Alexander Melville, who along with his brother Marc are this year joint business leader nominees, told the Business Observer that the company paid out about 87-94 per cent of intake, making it a popular spot for gamers.
When Melville became executive chairman of Prime Sports in 1997, the gaming company had machines in some 17 hotels, but Melville said they decided to pull out of the smaller properties because they were not feasible.
Supreme Ventures seeks stake in Prime Sports