And, the news comes shortly after it was announced that a new casino may soon be opening at the Bell Centre.
On March 7, the governing body of Quebec casinos announced “exceptional” results for the end of the 2022-23 third quarter. In total, Loto-Québec posted total revenues of $2.225 billion and a consolidated net income of $1.204 billion.
Altogether, these totals represent increases of $521.9 million (+30.7%) and $295.8 million (+32.6%), respectively, over the same period last year. For context, increases over the first three quarters of the pre-pandemic fiscal year (2019-20) amounted to 5.8% for revenues and 11.3% for net income.
Within the same timeframe, the organization’s ratio of expenses to net income also dropped from 30.9% to 28.2%.
It marks the best results since the Tobacco Control Act became law eight years ago. The Act significantly impacted traffic at gaming establishments.
As expected, Loto-Québec’s president and CEO Jean-Francois Bergeron was delighted with the recent financial boon.
“Our teams’ sustained efforts led us to these exceptional results and to our best performance in 17 years. All indications are that we will be able to pay a higher dividend than expected to the government, and that benefits all Quebecers. I’m very proud of our work.”
Revenue breakdown by sector
The following breakdown of Loto-Québec’s third quarter revenue covers the period between April 1 and Dec. 26, 2022.
- Lottery revenues totalled $742.2 million, a $2.6 million (+0.4%) increase from the same period in 2021-22
- Lotto Max paid more grand prizes of $50 million and more Maxmillions than in the same window in 2021-22
- Online lottery sales revenue represents 13% of the sector’s total revenues, up nearly 10% from the same period in 2019-20
Casino and gaming halls
- Casino and gaming hall revenues increased by:
- $313.9 million (+60.9%) to $829.3 million from the same window in 2021-22; and
- $69 million (+9.1%) increase over the alike period in 2019-20
- Specifically, the increase over last year can be attributed in part to gaming location closures in 2021, whereas operations returned to normal since the current fiscal year began
- Online casino revenues account for 24.3% of the sector’s total revenues, compared to 9.1% over the shared timeframe in 2019-20
- Gaming establishment revenues increased by $214.5 million (+45.4%) to $686.5 million from the matching period in 2021-22
- Similarly, to casino and gaming halls, the reopening of facilities contributed to the increase in revenue for gaming establishments
- Revenues from video lottery terminals remain in line with their pre-pandemic levels
Quarterly highlights range from large payouts to exciting entertainment
Loto-Québec paid $397.1 million to lottery, network bingo, and Kinzo winners over the quarter, totalling $1.103 billion since April 1. As a result, the quarter produced 32 new millionaires, bringing the total since the start of the fiscal year to 69.
Sports fans are now privy to two new sportsbooks.
The first opened at the Casino du Lac-Leamy in November and the second at Salon de jeux de Trois-Rivieres, shortly after the first quarter ended in January.
The provincial agency also signed a new agreement with major event organizer Gestev to handle programming at the Theatre du Casino due Lac-Leamy.
New offerings of diverse entertainment lineups will now be available to audience members in the National Capital Region.
With great profits, comes great corporate social responsibility
In October, Loto-Québec held the third rendition of its campaign inviting players to better manage their playing limits. This year’s event focused intently on encouraging players to voluntarily set time and loss limits.
Under its Giving Back is a Win-Win program, Loto-Québec was able to allocate over $1 million to charitable organizations in La Belle Province.
Three establishments renewed their BOMA BEST certification, which recognizes excellence in energy and environmental management, along with performance in commercial real estate.
The Casino du Lac-Leamy earned a platinum certification level, the highest validation available
“Many acts of generosity highlighted this quarter, including our participation in the Government of Québec’s Entraide campaign,” Bergeron said. “We also supported other causes with our Détaillants de cœur initiative and remained committed to the fight against food insecurity by organizing, among other things, activities benefiting the Moisson organizations.”