SaskGaming Suffers Major Financial Losses
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SaskGaming has reported its first-ever financial losses amounting to CA$13,400,000 for the 2020-2021 fiscal year after 25 years of operations. The losses can be explained by the closure of business properties in the province as the company’s casinos were required to cease operations, which has taken its toll on SaskGaming.
SaskGaming has lost CA$13,400,000 in the last year. The company had to lay off 570 permanent employees. For the fiscal year revenue hit CA $30.9 million. In normal circumstances, SaskGaming pays 50% of its net income to the province’s general revenue fund and 80% to its holding company Crown Investments Corporation. However, the company did not honor its payments to these funds and received CA4 million from its company.
All gaming properties in Saskatchewan were required to close down by the provincial authorities in December 2021. 238 unionized and 89 non-unionized workers from Casinos Regina and Moose Jaw were temporarily laid off.
SaskGaming suffered financial losses. The government allowed them to restart casinos in June. The seven gaming properties in the province will relaunch operations starting from June 20.
