Loto Quebec Reports Drop in Q1 Profits
Loto Quebec, the Canadian lottery company, posted its numbers for the first quarter of 2012 this week, which showed that its net profit fell by 7.2% to $304.9 million, while sales dipped by 5% to $842 million.
According to the report, Loto Quebec's Q1 profits and revenues dropped in the first quarter in the period ending June 25th. However, as is becoming a global trend for gambling groups offering land and online services, operations in the group's online arm saw a significant surge.
The Canadian lottery group was quick to say that since the quarter was two days shorter than the corresponding time period last year, this could explain the drop in profits and revenue.
Land Revenue Decreases, Online Increases
Loto Quebec showed that its land casino revenues dropped 6.2% year on year.
Revenues from individual casinos were erratic, with a drop of 10.2% seen at the Montreal Casino and 5.2% at Charlevoix, but a 1.8% increase in revenues at the Lac-Leamy Casino, followed by a 4.2% jump at Mont Tremblant.
Loto Quebec's online gambling section did much better, with internet gambling revenue at Espacejeux.com climbing 30.7% to $5.9 million.
Other numbers published by with Loto Quebec Q1 profits included:
- A 2.1% increase in lottery sales.
- A 1.1% drop in video lottery sector revenues.
- A 3.9% increase in bingo.
About Loto Quebec Gambling Giant
Founded in 1969, Loto Quebec oversees the activities which surround games of skill and chance in the province.
All the profits are returned to the community in the form of public services provided by the government.
Loto Quebec adheres to a number of important values, including integrity, social responsibility, innovation, unparalleled customer service and respect for employees.
The lottery corporation belongs to the World Lottery Association which comprises of 140 corporations from 76 different countries, as well as the North American Association of State and Provincial Lotteries, made up of 51 state owned lottery corporations in North America.
2012 has been a busy year for Loto Quebec. In March, the group launched a mobile version of its Mis-o-jeu sports betting platform, and in May Loto Quebec launched its second terminal based Quick Play lottery, Sprinto.
Last year, Loto Quebec launched Lotto Poker, an animated instant game which allows players to see the result of their game on the consumer screen.
