The Atlantic Lottery Corporation (ALC) has announced returns of $395.4m in profit to four Atlantic Provinces for the 2019-20 fiscal year, but it will be boosting digital gaming as a result of the effects of COVID-19 on the business.
The Destination Line of the business returned $257.5m, while retail and ilottery lines returned $137.9m.
Chris Keevill, Atlantic Lottery’s President and CEO, released the Corporation’s 2019-20 annual report and financial results on behalf of his predecessor, Brent Scrimshaw.
He said: “It is my privilege to share Atlantic Lottery’s 2019-20 financial results and announce that the corporation returned $395.4m to the four Atlantic provinces last year.
“Although this number fell short of our original target as the COVID-19 pandemic flattened revenues toward the end of the fiscal year, the profit trajectory for the year was approaching the $419.4m goal.”
Of the total profits in 2019-20, Atlantic Lottery returned $131m to Nova Scotia, followed by $124.5m to New Brunswick, $121.1m to Newfoundland and Labrador, and $18.7m to Prince Edward Island, who exceeded their profit target by more than $1m.
Toward the end of the 2019-20 fiscal year, ALC’s profits flattened due to COVID-19, but the 2020-21 fiscal year will be affected by the pandemic for a much longer timeframe.
Keevill added: “As we navigate the current 2020-21 fiscal year, the effects of the pandemic are continuing to significantly affect our operations and revenues. Atlantic Lottery is taking the necessary steps now to become a more digitally-driven gaming company to ensure its sustainability.”
ALC’s President and CEO also stated the company is currently undergoing a digital transformation in response to the changing competitive landscape, but emphasised that a physical retail presence is and will always remain a vital part of the corporation’s business.
Keevill said: “The work done by the team at Atlantic Lottery has always been imperative to help build a stronger Atlantic Canada. We are committed to delivering on our mandate of returning 100% of profits to our shareholders, while also contributing in other ways to the communities we serve, by supporting important causes and grassroots events around the region each year.”