News release

Gaming Corp. Releases First Quarter Results

The Nova Scotia Gaming Corp. reported net income of $36.3 million for the first quarter that ended June 30, 1999. This is up $2.4 million, or seven per cent, from the same quarter last year.

"Our focus continues to be on running the Nova Scotia Gaming Corp. responsibly and professionally ensuring a progressive, successful gaming industry in Nova Scotia," said Dara Gordon, vice-chair of the gaming corporation.

Profits from ticket and video lotteries are $34.7 million, up $2.6 million or 7.9 per cent over last year. Ticket lottery sales for the quarter are down $2.3 million or 4.8 per cent, and video lottery sales are up $1.5 million or 4.7 per cent.

Quarterly casino profits are $2.9 million, up $1.7 million from the same quarter in 1998. Revenue for the Halifax casino for the quarter was $12.5 million, almost the same as the same quarter last year. The Sydney casino revenue for the quarter was $6.8 million, up from $6.6 million in 1998.

Casino profits were reduced by the $394,575 repayment to the Metropolitan Entertainment Group under the $25 million income guarantee, as net profit to the gaming corporation from the casinos exceeded $25 million in the guarantee year ended July 31, 1999.

The gaming corporation's contribution of $390,886 to the harness racing industry in Nova Scotia through grants to cover operating costs of Nova Scotia racetracks offset overall profits.

The Nova Scotia Gaming Corp. is a Crown corporation responsible for the control and management of gaming in the province. Casino, lottery and harness racing operations fall under the gaming corporation.



Julia Watt
Nova Scotia Gaming Corp. 902-424-2203

kjd October 4, 1999 10:00