British Columbia Lottery Corporation recently shed more light on its financial performance over fiscal 2019-2020 that came to an end on March 31. The overall gaming revenue amassed over those 12 months managed to reach CA$2.53 billion. This marked a 2.2-percent drop when compared to the previous fiscal year’s achievement.
The end of every fiscal year is a time to take a look back and evaluate every goal achieved and just how far the corporation has come. The latest fiscal year for British Columbia’s lottery leader came to an end on March 31 and provided all the information needed both for the province and for the lottery corporation. Gaming revenue amassed through various offerings saw a slump.
Comparing this year with the previous one gives every corporation a perspective of its general direction of development, along with vital information on the efficiency of the approaches it has implemented over the past 12 months. The last day of March saw the end of fiscal 2019-2020, closing this chapter with a rather turbulent situation on a provincial and national level.
The net income British Columbia Lottery Corporation managed to generate over the said one year reached CA$1.35 billion. Such a figure marked a 4.8-percent drop when compared to the net income generated over the 2018-2019 fiscal year. It could be recalled that mid-March, all brick-and-mortar casino locations had to close for business temporarily, due to the uncertain nature of the situation. Player protection was needed at that time, along with casino employees.
This closure had an impact on the ‘Casino & Community Gaming Operations’ segment of the Crown corporation’s regular operation. The reported revenue highlighted in the annual report managed to reach CA$1.83 billion. Such a figure amounts to 3.7 percent less than what the lottery leader demonstrated over the previous year for the same segment. In addition to that, the net income slumped to CA$929.3 million – a 5.5-percent drop year-on-year.
Online Gaming Revenue
Speaking of casino gaming, slot machines are considered one of the main driving points of every land-based casino in British Columbia. Players tend to gravitate towards this quick and easy gaming solution, which amassed some CA$1.37 billion over the past fiscal year. This amounted to a drop of 2.3 percent year-on-year. When it comes to table games, the drop was even bigger.
Their gaming revenue reached CA$417 million and this was some 8.1 percent less than the previous 12 months. Experts say that this slump might have been caused by the money-laundering crackdown the province witnessed. Online gaming offerings available at PlayNow.com witnessed a 19.5-percent surge to CA$179 million. The record amount was even further impacted by the land-based casino closures mid-March.
This shows that online gaming witnesses increased popularity despite the circumstances. Projections are that it will see an even bigger surge in fiscal 2020-2021. Lottery offerings saw sales of CA$519.2 million, down 3.1 percent from the previous year. This drop could be explained with the lottery retailing hotspot lockdown back in March.