Loto-Quebec reported that it has redistributed a $1.5 billion dividend to the Quebec government at the end of its 2023-2024 fiscal year, down $89.1 million from last year.
The Crown corporation also reported that it distributed a total of $1.57 billion to winners during the past fiscal year.
According to the organization, which tabled its annual report on Thursday, these are “its best results in nearly 20 years,” if we exclude the 2022-2023 period.
“It’s an excellent year,” said president and CEO Jean-Francois Bergeron. “This can be explained in large part by better management of our expenses,” notably by reducing casino opening hours and revising the establishments’ food offerings.
Loto-Quebec reported revenues of $2.9 billion for the year ended March 31, down $66.3 million on the previous fiscal year.
Lottery revenues totalled $958.8 million. Casino and gaming revenues totalled $1.1 billion, surpassing the record set last year, despite a labour dispute lasting almost four months that affected four casinos in 2023.
Revenues from the gaming establishments sector, which includes video lottery terminals in bars, event betting as well as Kinzo and network bingo, were $885.5 million.
Loto-Quebec also mentioned that its online gaming site continues to make its mark in this niche, “despite the efforts of illegal operators”.
“Our market share is growing,” said Bergeron. “We’ve seen growth this year of between 8 and 10 per cent. We’re improving our offer. We’ve added new online games. We’ve also invested in education, we’ve run campaigns on responsible gambling.”
While the dividend paid into the coffers of the Quebec government is a little lower than in fiscal 2022-2023, it is still higher than the average of recent years, which stands at around $1.3 billion, said Bergeron.
He pointed out that fiscal 2022-2023 was an exceptional year, when Loto-Quebec was able to take advantage of the fact that, at the time, the supply of entertainment remained limited due to the pandemic.
For the next fiscal year, Bergeron expects “slight growth” in the dividend, taking into account the current economic context which is putting pressure on Quebecers’ discretionary dollar.
This report by The Canadian Press was first published in French on June 6, 2024.