Loto-Québec has been making some estimations over the past few weeks and the conclusion it has come to is not in its favor. The last fiscal quarter of the fiscal year might have cost the Crown corporation half a billion. The estimation was made on the base of financial reports for the time period between April 1 and June 25, 2019.
Quebec’s casino venues and gambling halls have been closed for the past three months and a half and over this period many things have changed on a provincial level, as well as across the country. The constant support coming from gaming revenue came to a halt mid-March when the is gaming locations had to close for business.
Lockdown Lifted in Quebec
Now the Crown corporation is making estimations about the gaming revenue it has lost over the past several weeks. The way to do so it through an estimation taking into account the same time period of 2019. Loto-Québec went back and saw the reported gaming revenue over the span of April, May, and June 2019. It took into account the operation of all brick-and-mortar casinos, gambling halls, as well as places operating video lottery terminals.
The gaming revenue those managed to amass last spring amounted to CA$447.5 million and estimations show that a similar amount has been lost this spring due to the business closures. This amount has not gone to the city coffers via allocations to the host communities and many large projects will be unable to benefit from it.
The three months in question amount to a fiscal quarter. The Crown corporation was among the first gaming leaders that made a move this spring. It could be recalled that back in March, the move was quick and well-executed. It strived to reduce the potential harm to both casino patrons and casino staff members, as they are working with the people on a daily basis.
Casinos Reopen Soon
The four casino locations along with the adjacent hotel, as well as the two gambling halls announced their shut down on March 13. Video lottery terminals had to be shut down ten days later, on March 23. They are usually located in bars and places frequented by the locals. Physical distancing is the recommended practice, which called for the closure of these high-traffic areas.
Loto-Québec estimated that the gaming revenue lost might surpass the CA$500 million mark, but preparation for what’s to come is in progress now. Quebec’s Government recently announced that the gradual reopening process of casino venues within the province could commence as soon as possible. Now the Crown corporation is working on the safety of its casinos, gambling halls, as well as the VLTs sprinkled across the province.
Online gaming and lottery ticket sales have continued during this tough period and the lottery corporation enjoyed an increase in online gaming engagement. However, online sales amount to some three percent of the lottery revenue back in 2019. Casino in-person gaming is projected to relaunch in the upcoming weeks.