Loto-Québec income beats targets despite pandemic
Casinos contributed the most to revenues, despite being closed for three months at the height of the pandemic.
Canada.- Loto-Québec’s total revenues for the fiscal year 2019-2020 equated to CAD$2.7bn (US$2.1bn), a drop of 3.1 per cent year-on-year but still above company targets despite the coronavirus pandemic.
The crown corporation in the Canadian province made a net income of CAD$1.4bn, down 3.9 per cent year-on-year but again above target.
Casinos contributed the most to revenues, bringing in $963.7 million. The year also saw a significant increase in online gaming, which rose by 25.7 per cent to $96.4m.
In March the corporation started to push its iGaming offerings to counter the coronavirus crisis.
The overall numbers represent a drop in revenue and income year-on-year, but the corporation had already expected this due to several high jackpots boosting last year’s revenue.
CEO and president of Loto-Québec, Lynne Roiter, said: “The lottery sector had had an excellent year in 2018-2019 due to an exceptional number of high major jackpots offered by Lotto 6/49 and Lotto Max, which explains the drop in sales this year.
“It’s important to note that, if it weren’t for our establishments and video lottery terminals in bars having to shut down, and sales at lottery retailers having to be suspended, our financial results would have been at the same level as the previous fiscal year.
“In addition, thanks to our efficient management, we were once again able to reduce our total expenses, which saw a $14.7 million, or 1.6 per cent, decrease.”
