In a recent business update, Loto-Québec reported that it is still on track to meet its financial goals for the fiscal 2023-24. For the time period between April 1, 2023, and December 25, 2023, the Crown corporation has clocked revenue of CA$2.111 billion and net income of CA$1.076 billion. Hence, it has met its objectives, despite the recent economic difficulties in the province.
The organization is a state-run Crown agency that has offered lottery entertainment to the La Belle Province for over 50 years now. Profits from its gambling and lottery operations are used to benefit the local population. The corporation is also the only provider of regulated internet gambling in the province, and its lotoquebec.com is the only legal option in the province.
Highlights from the Report
President and CEO, Jean-François Bergeron, thanked the agency’s teams for their devotion and impeccable work which enabled a very good performance. He explained that several initiatives highlight their Q3, including the announcement for the new hotel at the Casino Montréal, which would cement the gaming location’s position as a premium entertainment destination.
The new 200-room hotel is inspired by the unique character of Parc Jean-Drapeau, which is celebrating its 150th anniversary and suggests a low-height building design. Via its outstanding architectural signature, the new venue will blend naturally with its surroundings while preserving the natural beauty of the area. Construction will also uphold the highest sustainability standards.
Meanwhile, in the latest report the Crown also disclosed that for the period from April 1 to December 25, 2023, its lottery sector delivered revenue in the amount of CA$668.8 million. Then, casino and gaming hall brought around CA$797.9 million and proceeds, while gaming establishment sector contributed to around CA$659.3 million.
So far in 2023-24, the Crown corporation has awarded 69 prizes worth CA$1 million or more to local lottery players, with 21 of those coming in Q3. Furthermore, the total amount given away to lottery, network bingo, and Kinzo for the third quarter was CA$389.2 million. The overall volume is around CA$1.136 billion since the start of the fiscal year.
But that is not all, as the Crown also achieved the World Lottery Association’s highest level of accreditation for its responsible gambling efforts with Level 4. Also, from the current FY, there are several charity initiatives allowed to share a portion of its revenue to a group of non-profit organizations. They came as part of its Giving Back is a Win-Win Program.
Private iGaming Sector Will Not Be Explored
On a more recent note, last week, the Crown agency has answered the calls to introduce a regulated iGaming framework, similar to the one reaping success in Ontario. The Finance Minister’s remains reluctant and commented that other jurisdictions have seen an influx of online gambling advertisements and they do not want to expose children to such commercials.
Source: “Loto-Québec continues to meet its objectives” Loto-Québec, February 27, 2024
