(Montreal) Loto-Québec recorded a decline in net profit and revenue in the third quarter, citing the impact of the economic context on consumer spending.
Net profit for the quarter ended December 25, 2023 was down, at 339.2 million, compared to 399.1 million a year earlier.
Total revenues were 698.9 million, down from 758.9 million in the corresponding quarter of the previous year.
Lottery sector revenues totaled $216.0 million, down approximately 15% from the previous third quarter. The state-owned company largely attributes this result to lower sales for Lotto Max, which offered fewer jackpots of 50 million or more and Maxmillions.
Revenues from the casino and gaming lounge sector fell 2.6% to 270.7 million. Those in the gaming establishment segment saw a decline of 5.4%, amounting to 218.1 million.
As of December 25, 2023, Loto-Québec’s total assets stood at 1.341 billion, compared to 1.455 billion as of December 26, 2022.
The president and CEO, Jean-François Bergeron, argued Tuesday that three-quarters of the way through the 2023-2024 fiscal year, Loto-Québec “continues to achieve its objectives, despite an economic context that is putting pressure on the discretionary dollar of Quebecers.”
Mr. Bergeron maintained that several “promising initiatives” marked the third quarter of the state corporation. He mentioned the announcement of the construction of a hotel adjacent to the Montreal Casino and the redevelopment of an entire floor, where there are now ARcade, an immersive multiplayer experience from Moment Factory, and several amusement games.
“We are on track to achieve our annual targets, despite a particular economic context,” declared the President and CEO.