Lotteries and Gaming Saskatchewan Reports Successful First Year in 2023-24
CANADA, July 10 - Released on July 10, 2024
Saskatchewan's newest Crown corporation, Lotteries and Gaming Saskatchewan (LGS), today released its inaugural annual report, covering its first 10 months of operations (June 1, 2023, to March 31, 2024).
In 2023-24, LGS recorded net income of $191.1 million and net income before payments to the General Revenue Fund (GRF) of $305.1 million on revenue of $585.6 million and expenses of $295.0 million.
"The creation of LGS was a crucial step by our government to help ensure the success of the entire gaming industry in Saskatchewan well into the future," Minister Responsible for LGS Laura Ross said. "Following the creation of LGS, all beneficiaries of net gaming and lottery income in Saskatchewan remained unchanged and giving back to Saskatchewan communities through gaming proceeds continued to be the focus."
Other LGS highlights in 2023-24 include:
- Payments to the GRF of $114.0 million;
- Dividend paid to LGS's shareholder, Crown Investments Corporation of Saskatchewan (CIC), of $135.8 million;
- $37.2 million in commissions paid to VLT site contractors;
- Nearly 2,500 Charitable Gaming Grants paid, totaling $5.9 million;
- 720 VLT machines and 373 slot machines replaced/purchased; and
- Undertaking the first-ever industry-wide examination of the gaming sector in Saskatchewan, which is the basis of LGS's Strategic Plan.
In total, the gaming sector overseen by LGS contributed more than $247 million to Saskatchewan communities in 2023-24. This occurred through the Lottery Trust Fund, the Community Initiatives Fund, the First Nations Trust, the Clarence Campeau Development Fund, Community Development Corporations and community grants.
"I am proud of the many accomplishments of LGS in its first year," LGS President and CEO Susan Flett said. "In 2024-25, LGS will continue to build on its momentum by focusing on strong financial and risk management and on growing the gaming industry responsibly to benefit the people and communities of Saskatchewan."
-30-
For more information, contact:
EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.
