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.

kjd October 4, 1999 10:00