As the company releases its Q1 fiscal report for 2021-2022, Loto-Québec reports that revenues from land-based casinos and gaming halls increased to $76 million (2020: $23.5 million).
Despite the fact that land-based operations only resumed a few days before the quarter ended, the sector’s income increased by 44.5 percent when compared to the same period last year, when only internet casinos were open.
Revenue for the division totalled $69.3 million, up $16.6 million, or 31.4 percent, over the same time last year, thanks to a “improved offering and website enhancements,” according to the company.
Tighter cost control
Loto-Québec did point to tighter cost control, which it claimed was “necessary due to the reduced offer combined with several cost reduction initiatives,” resulting in a total expense reduction of more than $60.7 million, or 48.3 percent, from the previous year.
JeanFrançois Bergeron, president and chief executive officer of Loto-Québec explained: “I was absolutely delighted and very proud to join Loto-Québec on May 31.
“It quickly became apparent to me that all our teams are made up of experienced, dedicated and passionate employees, who demonstrated resilience and creativity during the exceptional year we just went through.
Optimistic of achieving annual targets
“Given that the activities put on hold only resumed a few days before the end of the quarter, we achieved solid results. Coupled with the continuation of our operations, we can be optimistic about achieving our annual targets.
“Our priority remains providing a fun and safe environment. I’m very excited about the challenges ahead.”
Loto-Québec achieved total revenue of $401.3 million, up 154.9 percent (2020:$243.9 million) from the same period last year, when most of the company’s operations were shut down.
Revenues declined by 38.8 percent ($254.9 million) from pre-pandemic levels in 2019-2020.
Consolidated net income for Q1 was $195.7 million, up $260 million, or 404.5 percent, from 2020 and down $141.7 million, or 42 percent, from the same period the year before the pandemic.
The gaming establishment industry reported sales of $40.9 million, but no comparisons can be drawn with 2020/2021 because all activities were halted from March 2020 to the start of Q2 that year.