Loto-Québec’s finances have been shaky this past year. In fact, the Crown agency in Quebec has seen a significant decline in casino Canada revenue over the past year. The corporation just released its financial results for the fiscal year ending March 31, 2020/21 last week. According to these findings, the company has generated only a third of the revenue it did in the fiscal year 2019–2021.
Casinos in Canada are facing uncertain times as a result of the enormous worldwide health crisis. Almost everywhere had to close and reopen their doors multiple times. In addition, many casinos were still closed for business well into 2020. This covers the majority of Loto-Québec-operated casinos, which are currently shuttered.
Modifications Needed
Loto-Québec will be undertaking certain changes to better ensure its survival. Salon de Jeux, whose impending relocation was previously reported, will instead be moved to the Méga Center Beauport. The full price tag for this move is estimated to be around CA$ 11.9 million. The National Assembly meeting of the corporation finalized the decision.
The Crown group plans to increase its online casino in Canada. The Crown has recently received material from the AGS casino brand launching in the Canadian market thanks to its partnership with Scientific Games and through its Open Gaming platform. The provider’s extensive catalogue of iGaming offerings will now be available to online casino gamers in Quebec, thanks to the terms of this agreement.
Challenges We Faced
The Crown corporation had a significant decline in revenue compared to the previous year as a result of the suspension of casino Canada business. The corporation made a profit of CA$457.6 million for the relevant time period, which is less than one-third of its revenue from the prior year. Thus, this year’s dividend payments pale in comparison to those of the previous year.
CEO of the Crown agency Lynn Roiter explained that the closing of the casinos and the cessation of network Bingo, Video Lottery, and Kinzo products led to these numbers.
The company’s expenses have decreased, which may be the only silver lining to the financial records showing a reduction in revenues. The amount spent dropped by $673.5 million, or 25.5%, from $903.6 million in Canada.