Loto-Québec, the crown corporation overseeing gambling activities in Quebec, Canada, reported a decrease in both revenue and profit for the first quarter of the 2024 fiscal year. Despite the downturn, which saw revenues fall by 3.0% and net income by 8.2% compared to the same period last year, the corporation remains steadfast, attributing these figures to an unusually short quarter and ongoing challenges in the hospitality sector.
Fiscal overview and sectoral performance:
As Canadian Gaming Business reports, from April 1 to June 24, 2024, Loto-Québec generated revenues of $689.7 million and a net income of $349.7 million. This period, comprising 85 days, is notably shorter by two days compared to the first quarter of the previous fiscal year, which significantly impacted the financial outcomes. The gaming establishment sector, which includes video lottery terminals in bars and restaurants as well as event betting, experienced the sharpest decline, reflecting the broader difficulties faced by the hospitality industry.
Jean-François Bergeron, President of Loto-Québec, emphasized the corporation’s resilience, stating in a press release, “Our teams’ remarkable commitment and work led to very satisfying results that align with our forecasts. This enables us to continue facing the upcoming months with optimism.”
Under Bergeron’s leadership, Loto-Québec has been proactive in rolling out new initiatives aimed at boosting engagement and revenues. These efforts include significant improvements both online and at physical gaming locations, enhancing the overall customer experience. Bergeron also highlighted the integration of principles of social responsibility and efficiency improvements across all sectors as core priorities.
The revenue composition for the quarter was fairly balanced among the different sectors, with $275.0 million generated from casinos and gaming halls, $219.1 million from lottery products, and $200.7 million from gaming establishments.
Community engagement and corporate social responsibility:
Loto-Québec’s commitment to community involvement and environmental responsibility also featured prominently this quarter. The corporation supported approximately fifty festivals across Quebec, promoting shared values of environmental responsibility. In celebration of Earth Day, Loto-Québec partnered with RECYC-QUÉBEC to launch a new scratch ticket made from 100% recycled fibers, named Le billet vert, which includes a QR code linking to a recycling information app.
Looking ahead, Loto-Québec is optimistic about its growth trajectory, buoyed by strategic initiatives and the upcoming completion of a $ 150-million hotel on the Casino de Montréal grounds. Bergeron expressed confidence that this development would “cement the casino’s status as one of North America’s top entertainment destinations.”
Despite the slight downturn this quarter, Loto-Québec’s agile response and strategic planning position it well for future success. With a focus on enhancing customer offerings and maintaining high standards of social responsibility, the corporation is set to navigate the complex landscape of the gambling industry with sustained optimism and innovative strategies.
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