Loto-Québec’s revenue for the fiscal year 2020/21 has dropped significantly, owing to the suspension of majority of the company’s commercial operations during that time.
With the closure of casinos and gaming halls, some of which had been offline for more than nine months, the company also ceased much of its video lottery, network bingo, and Kinzo activities, as well as lottery ticket sales at retail outlets for several weeks.
As a result, revenue fell 48.6 percent to CA$1.4 billion from CA$2.74 billion, and consolidated net income fell 66.2 percent from CA1.35 billion to CA$457.6 billion.
Loto-Québec claims that of all the sectors, lottery was the least affected by the pandemic, with revenues down 7.4 percent from the previous fiscal year. Revenue from instant lottery games increased, thanks in part to the advent of new online games.
Casinos and gaming halls were shuttered for much of the year, resulting in a 65.6 percent decline in revenue. The group’s ‘gaming establishment’ sector, which includes video lottery machines in bars, bingo, and Kinzo, also saw activities halted, resulting in a 75.1 percent decline in income.
Out going President and CEO of Loto-Québec, Lynne Roiter said: “Several of Loto-Québec’s commercial activities were suspended for much of the year due to the COVID–19 pandemic, which had a significant impact on revenues and net income. The corporation nevertheless paid a dividend of $432.6m to the government of Québec.”
Looking ahead, the company’s strategy plan for 2020-2023 calls for growth in four key areas: growing consumer awareness, providing a diverse and high-quality range of gaming alternatives, maintaining a strong commitment to the community, and continuously improving performance.
Jean-François Bergeron, president and CEO of Loto-Québec said: “This past year brought its share of challenges for the teams. However, the actions taken made it possible to limit the financial impact of the corporation’s activities being suspended.
“We can now focus our energy on gradually resuming all business segments of the corporation – casinos and gaming halls, video lottery terminals, network bingo and Kinzo – now that the lockdown is being lifted. The corporation can therefore look to the coming year with much greater optimism.”