For the quarter ending June 26, Loto-Quebec reported total revenue of $711.2 million ($528 million U.S.), with a consolidated net income of $380.9 million ($282.8 million U.S.).
Those numbers, according to a press release sent out by Loto-Quebec, which controls all gambling in the Canadian province, were down from the comparable 2022 quarter, with revenue down 4.5% and income knocked back by 14.7%.
The lag in revenue was blamed on lower Lotto Max sales, and the drag on net income was chalked up to higher expenses due to the full resumption on on-site operations after two years of pandemic-related closures. On a brighter note, Loto-Quebec noted revenue was up 8.4% and income up 12.9% compared to the 2019, pre-pandemic quarterly numbers from the same time frame.
“I’m very pleased with our teams’ efforts and the results achieved,” Jean-François Bergeron, the president and CEO of Loto-Quebec, said in the release. “I’d like to point out that we had an exceptional year last year, which set the bar very high. I thank our employees for their invaluable contribution. They have managed to stay the course and deal with the challenges of the past few years. All sectors have continued to exercise sound management, despite the increase in spending caused by the full resumption of operations. Thanks to these efforts, we’ve once again achieved an excellent ratio of total expenses to revenues.”
‘Follow the lead of Ontario’
Overall, casinos and gambling halls generated quarterly revenue of $274.6 million ($203.9 million U.S.). Lottery revenue came in at $224.7 million ($166.8 million U.S.), while “gaming establishments,” such as bars and restaurants, saw revenue of $216.9 million ($161 million U.S.).
Currently, Loto-Quebec has a monopoly on all manner of gambling, unlike its neighbor, Ontario, where a robust regulated market of private operators exists.
Loto-Quebec’s quarterly report comes on the heels of remarks made by Rush Street Interactive CEO Richard Schwartz in the company’s most recent earnings call, where he mentioned that other provinces are looking to “follow the lead of Ontario” when it comes to allowing private operators in the casino app space.
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