Loto-Quebec Casino Revenue Takes a Dip - August 2021
The latest news from Crown corporation Loto-Quebec has been anything but good. Loto-Quebec late last week published its latest financial results for the financial year that ended on March 31, which included a disappointing decline of nearly a third of the revenue posted for 2019-20. While disappointing, the results would not have come as a surprise to Loto-Quebec. The company’s casinos have remained closed for the best part of 2020 and remain shuttered even now due to the ongoing effects of the global health crisis.
While Loto-Quebec reported a strong CA$1,328.5 million in revenue for 2019-20, it managed only a third of that for 2020-21, at only CA$457.6 million. Paid dividends, too, paled in comparison when compared to the previous year.
Closures At Heart Of The Decline
According to outgoing president and CEO Lynne Roiter, several factors played a part in the massive decline – including the suspension of Kinzo, video lottery, and Bingo, for what had been at least two-thirds of the reported period.
Lottery sales had been unavailable also, a situation that lasted until early May this year. This caused Lottery revenue to plummet from CA$929.4 million all the way down to CA$860.9 million, which marks a 7.4 per cent year-on-year decline.
One avenue of revenue that saw an upswing had been Loto-Quebec’s online offerings, with the up-tick largely owing to the downtime experienced by brick-and-mortar casinos and retail Lottery offerings.
The Crown corporation’s financial woes for the year are far from over. With Roiter set to retire soon, Loto-Quebec will have to fork out a hefty CA$430,000 retirement bonus before moving successor Jean-Francois Bergeron into her place.
Not All Bad News
But there have been positive developments also.
The Crown corporation recently announced the addition of American Gaming Systems (AGS) to its online casino offerings. The deal, which was made possible via Loto-Quebec’s ongoing partnership with Scientific Games’ OpenGaming platform, will soon see the Crown corporation offering even more premium online gaming content to its customers.
With AGS already an established premium gaming content provider across the land-based, online, and social casino games sector, and SG’s OpenGaming platform already home to over 3,000 titles, Loto-Quebec players are about to benefit in amazing new ways from the latest link-up.
The deal also sees the premium platform offering from Scientific Games reach new heights across the Canadian markets. SG last year concluded a similar deal with the BCLC, which made available an incredible variety of premium iGaming content to local players via the BCLC’s PlayNow.com online platform.