Loto-Quebec’s latest financial results show dip in revenue

February 29, 2024 5:01 PM
Photo: Shutterstock
  • Mark Keast, CDC Gaming Reports
February 29, 2024 5:01 PM

According to the latest quarterly financial report issued Wednesday by Loto-Québec., between April and Dec. 25, 2023, the crown corporation posted $2.1 billion in total revenues and a net income of $1.1 billion, decreases of $113.2 million (5.1 percent) and $128.4 million (10.7 percent) compared to the same period in the year previous.

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In a public statement, Loto-Québec President and CEO Jean-Francois Bergeron said, “We’re on track to meet our annual targets, despite a peculiar economic context.”

No one at Loto-Québec has defined “peculiar economic context,” though the statement added that the company was meetings its objectives, “despite an economic context that keeps putting pressure on Quebecers’ discretionary dollars.”

In another statement, Bergeron pointed to the announcement of construction of a 200-room hotel next to the Casino de Montreal, which he says will make it an even more prime entertainment destination, as one achievement during the fiscal period.

The crown corporation reported that total assets as of Dec. 25 stood at $1.3 billion, compared to $1.5 billion as of Dec. 26, 2022, a decline that they said was attributable to the decline in net income compared to the previous year.

The results by sector for the fiscal period, according to Loto-Québec, were: Lottery sector revenues amounted to $668.8 million ($724.1 million the same period the previous year); casino and gaming-hall revenues totaled $797.9 million ($829.2 million the previous year); and gaming-establishment revenues amounted to $659.3 million ($686.4 million the previous year.

Since the beginning of the fiscal year, Loto-Québec has paid out 69 prizes of $1 million or more to lottery winners, 21 of which were awarded during the quarter. Loto-Québec achieved the World Lottery Association’s highest level of accreditation in responsible gambling, Level 4.