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OLG "very pleased" with record-breaking fiscal year
Last month, the Ontario Lottery and Gaming Corporation (OLG) reported it would provide more than $2 billion to the Province of Ontario after earning the highest consolidated gross gaming revenue in its history.
The announcement, made jointly on June 24th by Paul V. Godfrey, Chair of the Board of Directors and Rod Phillips, President and CEO, followed the release of financial results for the year ending March 31, 2011. As previously reported, the report revealed the OLG would be delivering a cash dividend to the Province of $2.068 billion, up $193 million or more than 10 per cent from fiscal 2010 (F10), and the highest contribution since fiscal 2003 (F03). In F11, OLG achieved record consolidated gross gaming revenue of $6.724 billion, an increase of $400 million over F10.
Speaking to the corporation's landmark success, Godfrey noted: “The Board of Directors and executive team are very pleased with this year’s results, especially in these challenging economic times. This year, OLG delivered more than $2 billion to support Ontario’s hospitals, schools, charities, amateur sports and culture. This level of contribution is unique among provincial agencies, boards and commissions.”
“The Board of Directors and executive team are very pleased with this year’s results, especially in these challenging economic times,” said Mr. Godfrey. “This year, OLG delivered more than $2 billion to support Ontario’s hospitals, schools, charities, amateur sports and culture. This level of contribution is unique among provincial agencies, boards and commissions,” he added.
Mr. Phillips had a few words of encouragement himself, noting, “These results are due to the extraordinary efforts of OLG’s 18,000 direct and indirect employees over the past year. Management and employees set clear targets for providing measurable improvements to our business. They not only met these challenging metrics, but exceeded them. Our future success will continue to require the best efforts of all of our employees”.
“In addition to meeting and surpassing financial targets, OLG has been cutting costs and building efficiencies”, he continued. “In response to the Minister of Finance’s request in the 2011 Budget for agencies to find savings of $200 million, OLG has agreed to find $100 million for the Province by 2014...OLG is becoming a more efficient organization and will continue to transform its structures and processes in order to meet its renewed mandate, including entering the competitive global market of Internet Gaming. These are significant challenges that will take time and resources over the coming months but they are essential to placing OLG on a successful path for the future”.
Summing up the OLG's reaction to its latest report, Mr. Godfrey said, “Ontarians can be proud of these results. OLG’s employees are working hard to make Ontario a better place to live. Our focus is on providing the highest quality gaming and entertainment experience for our customers, while maximizing returns to the Government of Ontario. And, our goal is to transform OLG into the best-managed, most efficient lottery and gaming corporation in the world.”
Source: OLG
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