Third-Quarter Results for Gaming Corporation
The Nova Scotia Gaming Corp. is reporting net income of $38 million for the third quarter ended Dec. 31, 1999. This is up $3.8 million from the same quarter last year.
Profits from ticket lotteries for the quarter rose $1.4 million to $11.3 million. Video lottery profits are $25.8 million, up $3.3 million from the same quarter last year.
Total casino profits for the quarter are $3.7 million, up $800,000 from the same period in 1998. Profits from the Halifax casino for the quarter were $2.8 million, up $500,000 over the second quarter last year. The Sydney casino recorded profits of $800,000 for the quarter, up $300,000.
Gaming profits are turned over to the general revenues of the province and used for different programs and services that benefit Nova Scotians. As well, gaming profits are used to support problem-gambling projects through the Nova Scotia Gaming Foundation and other responsible-gaming initiatives.
"In the third quarter our financial results maintained a steady upward course," said Marie Mullally, president and CEO of the gaming corporation. "Operationally, our efforts focussed on working on the new agreement-in-principle with the Atlantic Lottery Corp., arbitrating a successful $21 million HST payment from Casino Nova Scotia, and a smooth transfer of the Nova Scotia Gaming Foundation to the Department of Health."
Another focus for the gaming corporation in the third quarter was VLT, or video lottery terminal, deployment. On Dec. 15, 1999, the government asked the corporation to suspend its plan to move some VLTs to establishments with a higher demand until the government could assess the broader implications of the initiative.
The Nova Scotia Gaming Corp. is a Crown corporation responsible for the conduct and management of gaming in the province to maximize net revenue to Nova Scotia in a responsible manner. Its operations include lotteries, casinos and harness racing.
kjd March 24, 2000 11:00 a.m.