Loto-Quebec Record a Significant Revenue Decline in the 2020-21 Fiscal Year
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Loto-Quebec has experienced a substantial financial decline in the last 12 months. The corporation fiscal stats for the 2020-21 financial year show that the gaming regulator only accumulated only a third of 2019-20 revenue.
The situation has also been unprecedented for the casino industry in Canada since venues have closed and reopened several times. For most of 2020, Loto-Quebec’s casinos have remained non-functional, still, the company’s properties are yet to reopen.
The suspension of the casino has seen the Crown Corporation revenue dwindle significantly compared to the previous year. During the 2020-21 financial year, the corporation recorded revenue of CA$457.6 million compared to CA$1328.5 million in the 2019-20 financial year.
The outgoing CEO of the Crown agency, Lynne Roiter claims that the dwindling of revenue was majorly due to the closure of casinos, suspension of video lottery, network bingo, and Kinzo offering for more than a quarter of the year. The lottery sale was also unavailable until May.
Furthermore, reports indicate that the agency expenses have declined by 25.5 percent from CA$903.6 million to over CA$673.5 million. The lottery revenue has plummeted from CA$929.4 million to CA$860.9 million. The online platform recorded an increase in revenue since many players turned online after the closure of the retail lottery and the shutdown of gaming facilities.
Still, Loto-Quebec has managed to improve its gaming content on its website. It is currently offering scientific games on its online casino platform. The agency has also signed an agreement to provide Quebec gaming fans with rich iGaming products.
