Loto-Québec recently released financial results for the agency’s lottery, casino, and online gaming operations through the third quarter of the current fiscal year. For the period April 1 to Dec. 25, 2023, the corporation posted total revenues of $2.1 billion with net income of $1.1 billion.
The numbers appear to put the agency on track to equal or surpass the previous fiscal year, which saw revenues of $3 billion and net income of $1.6 billion. Officials said Loto-Québec continues meeting its objectives despite economic struggles in the province putting pressure on Quebecers’ discretionary dollars.
“I want to thank our teams for their commitment and excellent work,” Loto-Québec President and CEO Jean-Fran?ois Bergeron said. “They’re the ones behind our very good performance. We’re on track to meet our annual targets despite a peculiar economic context.”
Inside the Numbers
The casino and gaming hall sector led the way in Québec with revenues of $797.9 million, followed by lottery product revenues of $668.8 million. Other areas of the gaming industry accounted for $659.3 million.
The current fiscal year saw some key announcements for casino gaming operations. On Dec. 18, Loto-Québec announced the construction of a 200-room hotel on the grounds of the Casino de Montréal, meant to preserve the environment and the unique character of Parc Jean-Drapeau. Several industry partners and government representatives attended the ceremony announcing the new addition.
“This major project will cement the casino’s position as a prime entertainment destination,” Bergeron said.
In collaboration with Moment Factory, the one-of-a-kind “ARcade” interactive experience was also unveiled at Casino de Montréal. The first floor of the Pavillon du Québec was refurbished to offer guests a skill-based, non-gambling gaming option.
On the lottery side, Loto-Québec paid out 69 prizes of $1 million or more to lottery winners. The total paid out to lottery, network bingo, and Kinzo over the third quarter reached $389.2 million. The overall amount stands at more than $1.1 billion since the beginning of the fiscal year.
The lottery corporation once again achieved the World Lottery Association’s highest level of accreditation in responsible gambling. Loto officials said sound management remains a priority, which will “further their efforts to continue meeting the targets by the end of the fiscal year.”
“We’re proud to have obtained the World Lottery Association’s Level 4 responsible gambling certification for the fifth time”, Bergeron said. “Valid for three years, this international recognition is a testament to both our exemplary responsible gambling practices and their continuous improvement.”
The regulator noted several charity initiatives that stood out last fall, enabling Loto-Québec to award significant sums to several non-profit organizations as part of the “Giving Back Is a Win-Win” program.
The quarterly financial news comes as the regulator has faced some recent pressure from the online gaming industry to create a regulated environment that features a competitive market and more private operators as seen in Ontario. So far, the agency has resisted those efforts.
