Loto-Québec has released financial results for Q1 of its 2024-25 fiscal year, showing drops of CA$21.4 million (US$15.7 million; 3.0 percent) in total revenues and CA$31.2 million ($US23.0 million; 8.2 percent) in consolidated net incomes compared to Q1 2023-24.
Q1 covered April 1 to June 30, 2024. Total revenues were CA$689.7 million (US$507.6 million), with consolidated net income at CA$349.7 million (US$257.3) in the quarter.
Casino and gaming-sector revenue was CA$275.0 million (CA$274.5 million in Q1 2023). Gaming-establishment-sector revenue was CA$200.7 million (CA$216.9 million in Q1 2023).
A statement from Loto-Québec said the drop in revenue was largely due to the financial quarter being two days shorter. The gap in net income will be resolved as the year progresses, the statement said.
“Our teams’ remarkable commitment and work led to very satisfying results that align with our forecasts. This enables us to continue facing the upcoming months with optimism. The efforts to improve efficiency and the principles of social responsibility remain at the core of our priorities across all sectors,” said Jean-François Bergeron, President and CEO of Loto-Québec.
“Throughout the quarter, our teams put their talent and skills to work to continue enhancing our offering. Several new initiatives and improvements were implemented both online and at gaming locations. Our customers greatly enjoy the wide variety of activities we have for them at casinos and gaming halls.”
Lottery-product-sector revenue amounted to $219.1 million. The lottery sector alone paid out $337.4 million in prizes to winners.
A new 200-room hotel next to the Casino de Montreal is currently under construction, which Bergeron says will make it an even more prime entertainment destination.
