Loto-Québec pushes strategic plan as revenue falls
The operator of the state lottery, casinos and bingos of Québec province in Canada has revealed a decrease in revenues for the fiscal year and plans to boost the activity.
Canada.- Loto-Québec has reported a decrease in revenue for the 2020/21 fiscal year, mainly due to the closure of casinos and gambling halls during measures to contain the spread of the Covid-19 pandemic.
As a result, revenue decreased 48.6 per cent to CA$1.4bn ($1.15bn), from CA$2.74bn ($2.26bn).
According to Loto-Québec, lottery was the least affected sector by the pandemic, with a 7.4 per cent decrease in revenues compared to the previous fiscal year. Instant lottery games saw revenue grow, in part due to the addition of new online games.
Casinos and gaming hall revenue dropped 65.6 per cent. The group’s gaming establishment sector, which includes video lottery terminals in bars, as well as bingo and Kinzo, also saw activities suspended, leading to a 75.1 per cent decrease.
Lynne Roiter, outgoing president and CEO of Loto-Québec, said: “Several of Loto-Québec’s commercial activities were suspended for much of the year due to the COVID–19 pandemic, which had a significant impact on revenues and net income. The corporation nevertheless paid a dividend of $432.6m to the government of Québec”.
However, Loto-Québec’s 2020-2023 strategic plan aims for expansion across the four core areas. It aims to increase consumer knowledge and offer a wide, quality range of gaming options.
The plan makes clear that the corporation will maintain a strong commitment to the community and will aim to continue improving its performance.
Jean-François Bergeron, president and CEO of Loto-Québec, said: “This past year brought its share of challenges for the teams. However, the actions taken made it possible to limit the financial impact of the corporation’s activities being suspended“.
He added: “We can now focus our energy on gradually resuming all business segments of the corporation – casinos and gaming halls, video lottery terminals, network bingo and Kinzo – now that the lockdown is being lifted. The corporation can therefore look to the coming year with much greater optimism.”
