Lottery fever still running high: Loto-Québec reports 2016 third quarter results
FY 2016-2017 – Loto-Québec reports third quarter results.
MONTRÉAL, Feb. 24, 2017 /CNW Telbec/ – Loto-Québec reported cumulative revenues of $2.612 billion and net income of $933.2 million for the third quarter, or slight declines of $39.6 million (-1.5%) and $12.7 million (-1.3%) respectively. The step backwards is mainly due to the two fewer days in the period and a smaller number of major jackpots offered by pan-Canadian lotteries.
Thanks to efficient management, the Corporation nevertheless reduced total expenses by $11.3 million (-1.6%) over the past three quarters as compared to the same period last year. The efforts deployed since the beginning of the fiscal year to expand offerings and control expenses lead us to be optimistic as we look to the end of the financial year.
Cumulative revenues are on the rise, reaching $618.9 million (+2.8%) with net income of $161.5 million (+4.0%).
The increase in revenues is mainly due to the widening range of entertainment offerings in establishments, more customers playing at gaming tables and the vigorous tourism trade.
Casinos reported 226,000 more visits (+3.4%) compared to the same period in 2015-2016.
Lottery revenues total $1.272 billion (-4.6%), while net income reached $328.5 million (-8.2%).
The decline in revenue is mainly attributable to the smaller number of major Lotto Max and Lotto 6/49 jackpot prizes.
Lotto Max offered 16 jackpots worth $50 million or more and 174 Maxmillions during the period, compared to 22 jackpots worth $50 million or more and 405 Maxmillions on the same date last year.
Event betting generated $8.0 million more in sales (+17.6%), due to the better odds offered online.
The gaming establishment sector includes video lottery terminals in bars and brasseries, gaming halls, network bingo and Kinzo.
Sector revenues, which are slightly higher than those last year, reached $738.8 million (+0.7%). Net income amounts to $443.1 million (+2.4%).
Gaming halls continue to perform well, bringing in $3.9 million more in revenues (+11.2%).
Espacejeux.com revenues, all games combined, total $58.3 million, an increase of $12.2 M (+26.4%).
Online lottery and casino game sales are on the rise.
The quarterly report is available on Loto-Québec’s website.
This news article is kindly supported by the Voice of English-speaking Québec 2017 SpringFest 5 @ 7.
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