Loto-Quebec has published its results for the end of the third quarter of FY 2022-23, revealing its total revenues grew 30.7% YoY.
The corporation achieved revenues of $2.22bn over the nine-month period between Apr. 1 and Dec. 26, an increase of $521.9m YoY, while a consolidated net income of $1.2bn represented a $295.8m (32.6%) increase over the same period last year.
These results were significantly aided by its casino and gaming hall revenues which stood at $829.3m for a $313.9m (60.9%) increase over the same period in 2021-2022, with a $69m (9.1%) increase over the same period in 2019-2020.
According to Loto-Quebec, this growth can be explained – in part – by gaming location closures in 2021, whereas operations have returned to normalcy since the current fiscal year began.
Online casino sales revenues were also on the rise, representing 24.3% of the sector’s total revenues, compared to 9.1% for the same period of the pre-pandemic fiscal year.
“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,” said President and CEO Jean-François Bergeron.
“Thank you to our teams for incessantly improving our on-site and online entertainment offer, providing our customers with a quality experience and magical moments. The excitement our renewed programming and offer created is palpable at our casinos and gaming halls.”
Lottery revenues were less noticeable, however, coming in at $742.2m for an increase of just $2.6m (0.4%) YoY.
Bergeron added: “Many acts of generosity highlighted this quarter, including our participation in the Government of Québec’s Entraide campaign.
“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.”