It’s steady as she goes for Loto-Québec, which this week reported financial results for the first half of the 2023-24 fiscal year that the corporation says are in line with “normal growth trajectory.”
Specifically, Loto-Québec posted total revenues of CA$1.412 billion (US$1.056 billion) and net income of CA$736.8 million (US$551.8 million) for the period from April 1 to Sept. 25, 2023.
“Thanks to our efforts, we have achieved the results we anticipated for the first six months of fiscal 2023–2024, despite an economic climate that is putting pressure on Quebecers’ pocketbooks. We’re maintaining the focus on our objectives,” said Jean-François Bergeron, President and CEO, in a statement. “Our 2023–2026 Strategic Plan has been tabled at the National Assembly. It will guide our actions and help us seize opportunities that arise, particularly with regards to changing consumer habits. We believe it’s important to keep modernizing our offerings in a responsible manner, as always.
“We also unveiled our 2023–2028 Corporate Social Responsibility Plan. It aligns with our strategic plan, demonstrating our commitment to balancing the commercial and social aspects of our mission, so that we make a positive contribution to the community.”
Revenues from the casino and gaming-hall sector were CA$527.2 million. Casinos had to reduce their hours of operation during the summer, due to a labor dispute, which was settled in September.
Online-casino revenues represented 26.3 percent of the sector’s total.
According to the results, lottery revenues were CA$452.8 million, with online lottery revenues representing 12.5 percent .
Revenue from gaming establishments totaled CA$441.2 million. Video lottery terminals are a big part of that, attractive to retailers. Loto-Québec is “reflecting” on how VLTs can grow within a “responsible framework.”
The igaming numbers are ones to keep an eye on as a coalition of private igaming operators continues their push for the province to set up an Ontario-style private, competitive, regulated market to break Loto-Québec’s monopoly.
Money flowed back to the community through the Les rendez-vous Loto-Québec sponsorship program, which went to 50 festive and socially responsible events throughout the province.
A new Kinzo hall, accommodating up to 60 players, opened in Mirabel in July.
