Loto-Québec has experienced a significant decline in revenues for the 696/21 fiscal year, largely due to the suspension of much of the group's commercial operations during this period.
Following the closure of casinos and arcades, some of which have been shut down for more than nine months, the corporation has also suspended multiple video, network bingo and Kinzo lotteries for several weeks, and stopped selling lottery tickets at retail outlets.
As a result, revenues fell 48.6 percent to CAD 1.4 billion from CAD 2 74 billion, with consolidated net income of less than 70.2 percent from CA1.35 billion to CA$457.6 billion.
Of all the sectors, Loto-Québec says the lottery was the least affected by the pandemic, with a 7.4 percent drop in revenue compared to the previous fiscal year. Instant lotteries saw revenue growth, partly due to the addition of new online games.
Casinos and arcades were closed for much of the year, as a result of which revenues fell 65.6 percent, with the group's "gaming betting" sector that includes video lottery terminals in bars as well as bingo and kinzo, also seeing operations suspended that yielded 75.1% decrease.
“Several Loto - Quebec's commercial operations were suspended for much of the year due to the COVID- pandemic, which had a significant impact on revenues and net income. Even so, the corporation paid a dividend of $ 432.6 million to the Quebec government, "she noted. Lynne Roiter, outgoing President and President of Loto-Québec
Looking ahead, the 2020-2023 strategic plan outlined expansion in four core areas to increase consumer awareness, offer a wide variety of high-quality gaming options, maintain a strong community engagement, and continuously improve its performance.
“Last year brought many challenges for the teams. However, the actions taken allowed to limit the financial impact of the suspended activity of the corporation, ”he added Jean-François Bergeron, President and CEO of Loto-Québec.
“We can now focus our energies on gradually restoring all of the corporate business segments - casinos and arcades, video lottery terminals, network bingo and Kinzo - now that the lockdown is in the open. The corporation can therefore look at the coming year with much greater optimism. "