The Alberta government expects its lottery and gaming revenue to make a huge rebound this fiscal year after falling to an estimated $527m during the pandemic, according to the 2021-22 provincial budget.
The Edmonton Journal has reported that Alberta is forecasting $1.25bn in lottery and gaming revenue in 2021-22, with its fiscal year beginning April 1.
Vik Mahajan, CEO at River Cree Resort and Casino, said the government’s revenue projections are achievable since there is ‘pent-up demand’ if facilities like casinos are allowed to reopen on schedule and people feel comfortable visiting.
While bingo halls funnel funding directly to non-profits and community organisations, the projected lottery and gaming revenue is slated to go towards government supports and services, from highway maintenance to running provincial parks.
If the government’s revenue fails to meet its forecast, most of those listed in the budget’s gaming and lottery revenue allocation could remain unaffected as their funding comes from the general revenue fund.
The Alberta government expects its annual lottery and gaming revenue to recover quickly and even grow to $1.5bn by 2023-24, especially if it follows a successful mass vaccination programme.