Paul Hoo, chairman of Supreme Ventures Limited. - CARLINGTON WILMOT/FREELANCE PHOTGRAPHER
THE NAME Paul Hoo is synonymous with gaming in Jamaica.
Hoo, 46, is the chairman of Supreme Ventures Limited (SVL), one of the most successful companies on the corporate register in recent years.
Supreme Ventures, operators of the various lotteries in Jamaica, including the hugely popular Cash Pot, was formed by Hoo and his two partners as far back as 1994, but the company didn't get off the ground until June 25, 2001 and has grown by leaps and bounds since, so much so that it recorded $14.5 billion in sales last year alone.
In the latter part of 2003, Supreme Ventures bought out the shares of rivals Jamaica Lottery Company Limited to be sole providers of assorted lotto games in Jamaica.
Under Hoo's stewardship, Supreme Ventures has been closely associated with horse racing at Caymanas Park and today has become the sport's largest corporate sponsor, thanks to two major racedays on the calendar, beginning with its Lotto Classic Day in mid-May and the second on Boxing Day when SVL stages the prestigious Jamaica 2-y-o Stakes with a purse of $2.25 million.
In addition, Supreme Ven-tures also sponsors a lucrative series of races for two-year-olds. Indeed, the company's commitment to the racing industry is to the tune of $40 million annually, a significant portion of this going to advertising and promotion.
Hoo is personally associated with local racing in his capacity as an owner. Some of the eight horses he has co-owned under the synonym the Two Amigos are JACK SPARROW, MONEY DANCER, the unraced two-year-old MINISTER ON FIRE as well as SEATTLE SUE and SUPREMELYSATISFIED, both of whom have been racing successfully in Trinidad during the past year.
He also owns horses in Florida, one of whom KEYSTONE POINT, won a grade three stakes race for US$80,000 at Tampa Bay Downs in the pink and purple colours of Two Amigos. Trained by Kirk Ziadie, son of Florida-based Jamaican trainer Ralph Ziadie, KEYSTONE POINT has won three races abroad.
One on One caught up with Hoo under the Lotto Day tent at Caymanas Park last Saturday and he had much to say.
Q: Where were you educated?
PH: Campion College. I went there in the early '70s and excelled in track and field. One Sports Day I won the 100, 200 and 400 metres, a record that to this day has not been equalled.
Q: When did you first become involved in local racing?
PH: That was in the late '80s when I acquired a horse by the name of ROUND HILL. I owned him jointly with Tony Shoucair but the horse won only one race and I was thrilled.
Q: It's a well known fact that Supreme Ventures Limited has become the foremost sponsor in local racing in recent years. How beneficial to SVL is the marriage?
PH: To begin with the market that supports racing is a similar market to lotto players. To be able to give back and to promote our product through racing is a worthy part of our advertising and promotions.
Q: Are you saying it's money well spent?
PH: Oh yes. I think we get a lot of exposure and mileage from our association with racing especially if we do so on a large scale like what you see manifesting itself today, Lotto Classic Raceday,
Q: What's your take on the pending divestment of Caymanas Park by the government?
PH: I think that everybody agrees that while Caymanas has turned the corner in being profitable, that for it to fully utilise its potential, major investment is still needed. And with the obligations that the government currently has, it is probably a wise move on their part to have private enterprise make that investment.
Q: I note where Supreme Ventures has thrown its hat into the divestment ring in joining hands with the Richard Azan-led Caymanas Entertainment Limited, one of the two entities bidding for the takeover of Caymanas Park. Care to elaborate?
PH: It will, of course, be beneficial to Supreme Ventures Limited should Azan be the successful bidder. But before going into that I would like to put things in its historical perspective. Even prior to the decision to divest the track, Caymanas Track Limited and Supreme Ventures were in dialogue to use our distribution network to help to enhance their current OTB network and also to look at the re-introduction of the Racing Pools. On top of that we are investing in the gaming machine sector and are in the process of partnering Prime Sports Limited which operates several Gaming lounges islandwide.
Q: How soon is that expected to start?
PH: In the next month or so.
Q: Take us back to the partnership with owner/trainer Richard Azan.
PH: The proposed divestment goes with a licence of 750 slot machines for Caymanas Park, popularly called Racinos at racetracks in the United States. Every racetrack with a gaming room licence has become successful, at the same time complementing the racing product. I think it will be good value if we get the racing complex and we are hopeful.
Q: Are plans under way to establish a Caribbean Lotto?
PH: Yes... we are already in detailed discussions with the Caribbean heads of Government and the West Indies Cricket Board.
Q: Anything further to add?
PH: I am confident that whether it is us or anyone else, once the required investment is made, the racing industry will develop beyond our wildest dreams in 2006 and beyond. We are hoping to be a part of it.
Orville Clarke
