Loto-Québec Faces Revenue Decline, but Results Stay on Forecast
Loto-Québec has reported total revenues of $689.7 million and a consolidated net income of $349.7 million for the 85 days between April 1 and June 24, 2024. This performance, while aligning with the company’s forecasts, reflects a slight decline compared to the same period in 2023.
Steady Results Despite Revenue Decline
The lottery product sector contributed $219.1 million to total revenues, while the casino and gaming hall sector brought in $275 million. Gaming establishment sector revenues amounted to $200.7 million. Despite these solid figures, Loto-Québec faced respective drops of $21.4 million, or 3%, and $31.2 million, or 8.2%, compared to the first quarter of fiscal year 2023–2024. The previous year’s quarter covered a slightly longer period of 87 days, influencing the revenue comparison.
The corporation emphasized that the two-day difference between the quarters largely contributed to the revenue decline. Additionally, the dip in net income was attributed to one-time events in the first quarter. However, Loto-Québec anticipates that these variances will be balanced out in the following months. The company highlighted ongoing efforts to optimize the ratio of total expenses to revenues, demonstrating a focus on financial efficiency.
President and CEO Jean-François Bergeron praised the dedication of Loto-Québec’s teams, stating: “Our teams’ remarkable commitment and work led to very satisfying results that align with our forecasts. This enables us to continue facing the upcoming months with optimism.” He also reaffirmed the company’s commitment to social responsibility and efficiency, noting that these principles guide operations across all sectors.
Loto-Québec Enhances Customer Experience and Backs Local Festivals
Throughout the quarter, Loto-Québec implemented several new initiatives and improvements, both online and at physical gaming locations. Bergeron expressed satisfaction with the customer response, particularly regarding the wide variety of activities available at casinos and gaming halls.
In addition to its core business, Loto-Québec continues to play an active role in supporting local communities. The company is a major sponsor of approximately fifty festivals across Québec. Bergeron highlighted the importance of environmental responsibility in these partnerships, noting that Loto-Québec remains committed to supporting event organizers as they work towards greener initiatives.
