News Release Archive
GAMING CORPORATION-QUARTERLY REPORT ----------------------------------------------------------------- Nova Scotia took in more than $58 million in gaming revenue during the first three months of the 1995-96 fiscal year, with $25 million of that coming in a lump-sum payment from the Sheraton casino. The Nova Scotia Gaming Corporation today released a financial report for the first three months of the 1995-96 fiscal year, ending June 30. Provincial gaming revenues during the period include $33.97 million from the Atlantic Lottery Corporation and $25 million from the Sheraton. When the Halifax casino opened its doors in June, the Sheraton presented the province with the $25 million cheque as the first installment of a $100 million guarantee. "The guarantee makes the taxpayers of Nova Scotia the only sure winners at the casino," said Gaming Corporation president Ralph Fiske. Regardless of the profit level of the casino, the province will take in a minimum of $25 million a year for four years from casino operations. If casino profits are higher, provincial revenues will be higher. The Gaming Corporation's report covers only one month of casino operation - its first month. In June, the casino took in $2.7 million in revenue, and paid $1.1 million in salaries and benefits. The Sheraton made an additional payment of $83,333 to the provincial government, in keeping with its commitment to provide $1 million annually to combat problem gambling. Mr. Fiske said casino revenues in June were lower than anticipated, but added that the Sheraton casinos are a new business venture in Nova Scotia, and will need time to grow and develop their markets. "Like any new business venture, the casinos will go through a period of adjustment. That is what's happening now. In addition, the Sheraton is just beginning to market the casinos outside Nova Scotia, where a sizable chunk of future business will come." -30- Contact: Ralph Fiske 902-424-2203 NOTE: THE FINANCIAL REPORT OF THE GAMING CORPORATION FOR THE FIRST THREE MONTHS OF FISCAL 1995-96 IS AVAILABLE AT THE NOVA SCOTIA GOVERNMENT BOOKSTORE, 1700 GRANVILLE STREET, HALIFAX. TOLL FREE 1-800-526-6575. trp Oct. 5, 1995