SIGA reports record profits for 2023-24 fiscal year

LGS also announces results of shortened first year

The Saskatchewan Indian Gaming Authority (SIGA) has reported that it made record-breaking profits for the second year in a row.

SIGA’s 2023-24 annual report noted that it took $346.6 million in gross revenue and a final distribution of income of $138.8 million for the 2023-24 fiscal year ended March 31, 2024.

Those are both new record marks, beating the $303.6 million and $126.8 million, respectively, that were reported in 2022-2023.

Non-profit corporation SIGA operates seven casinos in the province as well as the only legally operated iGaming and sports-betting site in Saskatchewan, the British Columbia Lottery Corporation-owned The site yielded $19.1 million of the 2023-24 gaming revenue.

SIGA President and CEO Zane Hansen noted that the results reflect the fact that SIGA has, “successfully built back from the pandemic, achieving record-breaking revenues over the past 24 months, all the while making major strides in enhancing our casino properties and offerings and growing our online gaming platform in Saskatchewan.”

“We would like to congratulate SIGA on rebuilding from the pandemic period and coming back stronger than ever – with record-breaking profits over the past two years,” added Federation of Sovereign Indigenous Nations (FSIN) Chief Bobby Cameron. “These profits will be redistributed back to our shareholders and reinvested in Saskatchewan. To date, over $1.5 billion has been paid out by SIGA to our First Nations communities and other beneficiaries.”

SIGA-operated casinos Dakota Dunes and Northern Lights Casino are set to be expanded in the 2024-25 fiscal year.

It reinvests 100% of its net revenue back into Saskatchewan. Half of net casino revenue goes to the First Nations Trust and is then distributed to the province’s 74 First Nations in the province. The remaining half is split evenly between Community Development Corporations (CDCs), which reinvest the money back into local community initiatives, and the provincial General Revenue Fund (GRF). SIGA estimates it also contributes $2.5 million annually to the provincial First Nations Addictions and Rehabilitation Foundation (FNARF).

LGS takes nearly $200 million in short first year

Meanwhile, Lotteries and Gaming Saskatchewan (LGS) also released its own annual report this week.

The 2023-24 report covers the new crown corporation’s first 10 months of operations from June 1, 2023, to March 31, 2024. In that period, LGS recorded net income of $191.1 million and net income before GRF payments of $305.1 million. Gross revenue was $585.6 million and expenses were $295.0 million.

SaskGaming was formerly the standalone administrator of casino and online gaming in Saskatchewan before LGS was established as a new commercial crown corporation last year. LGS took over online gaming oversight from SaskGaming, but the latter organisation still operates Casino Regina and Casino Moose Jaw. LGS also now handles the province’s VLT program, taking over that responsibility from the Saskatchewan Liquor and Gaming Authority (SLGA).

“The creation of LGS was a crucial step by our government to help ensure the success of the entire gaming industry in Saskatchewan well into the future,” said Minister Responsible for LGS Laura Ross. “Following the creation of LGS, all beneficiaries of net gaming and lottery income in Saskatchewan remained unchanged and giving back to Saskatchewan communities through gaming proceeds continued to be the focus.”

LGS made several strategic moves in 2023-24, including replacing or adding 720 VLT machines and 373 slot machines. Last May, it added hundreds of new VLTs in a deal with IGT, and it will undergo more expansion in the new fiscal year through a partnership with Inspired Entertainment, the effects of which will be reflected in next year’s results.

“I am proud of the many accomplishments of LGS in its first year,” LGS President and CEO Susan Flett said. “In 2024-25, LGS will continue to build on its momentum by focusing on strong financial and risk management and on growing the gaming industry responsibly to benefit the people and communities of Saskatchewan.”

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