The British Columbia Lottery Corporation just released its annual report, reporting a record-breaking net income of CAD$1.636 billion (US$1.199 billion) in fiscal year 2022/23 (year ended March 31).
Out of that total, CAD$1.624 billion was delivered to the province of B.C. and CAD$12 million to the federal government.
In a statement, BCLC pointed to the opening of the new Cascades Casino Delta as a big reason for the uptick in net income, as well as Lotto 6/49 game enhancements, high Lotto Max jackpot roll patterns, and the expansion of PlayNow.com to a third Canadian province, Saskatchewan.
This fiscal year exceeds the previous net-income record by $220 million, set in fiscal year 2018/19.
As a comparable in terms of compensation, BCLC president and CEO Lynda Cavanaugh was paid $305,180 in total compensation in 2021/22. Pat Davis is now president/CEO.
Interestingly, BCLC spent $39,879 on advertising, marketing, and promotions. Employee costs were $151,442.
BCLC is the only legal provider of commercial gambling in B.C. Since 1985, BCLC has delivered more than $28 billion in net income to the province. Out of that, $4.5 million has gone to promote responsible gambling, $147.2 million to support B.C. health initiatives, including new hospitals and facility upgrades, $1.09 billion to fund public programs and services (including education) in the province, and $113.6 million to First Nations governments throughout B.C., among others.
In August, BCLC announced it signed an exclusive license agreement with Light & Wonder, which will take BCLC’s popular Ruyi Baccarat game to casinos throughout North America. BCLC first launched the commission-free game at B.C. casinos in early 2020 and it has proved to be popular among players, available both on tables and electronic gaming devices. Ruyi Baccarat is available in 14 B.C. casinos.