Loto Quebec, a Canadian casino and lottery operator, released its third-quarter financial report for the fiscal year 2022-2023. This is its best performance since the Tobacco Control Act.
Impressive Financial Performance
C$2.225 million ($1.61 billion) was the revenue for the quarter. This is a 30.7% increase from C$2.747 trillion ($1.99 billion in the third quarter of 2021-2022. The consolidated net income was C$1.204 trillion ($ 872 million), an increase of 32.6% over the $1.499 bill in the previous quarter.
“Our team’s sustained efforts led to these exceptional results, our best performance in 17 years,” stated the president and chief executive of Loto-Quebec, Jean Francois Bergeron. He said that the operator would be able “to pay a higher dividend to the government than was expected,” which will, in turn, bring benefits to all Quebec residents.
The increase in revenue is 5.8% compared to the first three quarters of the fiscal year 2019-2022, and net income is up 11.3%. This suggests that the business is back where it was before the pandemic. The expenses of Loto-Quebec accounted for 28.2% in the third quarter of 2022-2023, while it accounted for 30.9% in 2019-2020.
Our teams are tirelessly improving our online and on-site entertainment offerings, providing customers with memorable moments and quality experiences. Our casinos and gaming halls are buzzing with excitement from the new programming.
Jean-Francois Bergeron, CEO, Loto-Quebec
Loto-Quebec minted 32 millionaires between September 27, 2022, and December 26, 2022. This brings the total from April to April’s beginning to 69. It also paid a total of C$397.1 million ($287.8m) to the lottery, network bingo, and Kinzo winners, bringing the year’s total to C$1.103 trillion ($799m).
Key Quarterly Highlights
The operator opened a new casino at Casino du Lac-Leamy and another at Salon de jeux de Trois-Rivieres just after the quarter ended. The latest phase of the 100% Legal campaign focused on the local aspect, aiming to keep 100% of the money that was played in Quebec.
Loto-Quebec and Gestev signed an agreement to manage the Theatre du Casino du Lac-Leamy’s programming. The producer will present the National Capital Region’s performance schedule to the public, much as Gestev did at the Cabaret du Casino de Montreal.
In October, the operator announced a responsible gambling campaign encouraging players to set limits.
Bergeron said that “many acts of kindness were highlighted this quarter,” and he added, “including our participation in Quebec’s Entraide Campaign.” He also highlighted the company’s commitment to fighting against food insecurity by organizing, among others, activities to benefit the Moisson organizations.”
Loto-Quebec was there to support innovation in entertainment and gaming.
