Another Successful Year for Gaming Corporation
N.S. Gaming Corp. Another Successful Year for Gaming Corporation
The Nova Scotia Gaming Corp. reported a net income of $148.6 million for the year ended March 31, 2000, in its annual report released today. This represents an increase of 12.1 per cent, or $16 million over the previous year.
Ticket and video lottery revenues for this year were $332.9 million, up $15.7 million or 4.9 per cent over last year. The increased revenues were due primarily to effective video lottery terminal, or VLT, inventory management and increased popularity of some ticket games. Profit for ticket lottery was $53 million and $98.2 million for video lottery.
Both the Halifax and Sydney Casinos recorded the best financial performance yet with total revenues up $5.2 million or 6.6 per cent over last year. Halifax Casino Nova Scotia generated $55.6 million in revenue and $11.3 million in profit. Sydney Casino Nova Scotia recorded $28.5 million in revenue and $3.2 million in profit. The win tax paid to the province was $16.3 million, up $1.1 million over last year.
"The fifth year of business for the gaming corporation was one of great progress," said Marie Mullally, president and CEO of the Nova Scotia Gaming Corp. "We have made progress in our management of the gaming business, in our maximization of revenues and in our commitment to responsible gaming."
A key development during the year was achieved in January when an agreement in principle was reached among Atlantic Lottery Corp. shareholders. The agreement included plans to amend the Unanimous Shareholders Agreement and to develop an Agency Agreement between the gaming corporation and the lottery corporation. In addition, a revised profit distribution formula was established which resulted in an increase of profits of $4.2 million in 1999-2000.
Also during the year, the gaming corporation, in conjunction with the Tourism Industry Association of Nova Scotia and the Nova Scotia Department of Health, launched the VLT Retailer Responsible Gaming Program. The program provides VLT retailers and their staff with information and resources about problem gambling so they can enhance their business practices and direct problem players to help. By the end of the year, more than 200 establishments and 500 managers, owners and staff had participated in the program.
And just as the fiscal year was ending, plans were underway for the long-awaited opening of the permanent Halifax Casino Nova Scotia. On April 24, the entertainment facility opened to record- breaking attendance figures of more than 16,000 people and best ever slot and table wagers as people gathered for a ribbon- cutting ceremony and festivities.
"As we enter year six, we are prepared for the challenges presented by the evolving gaming industry," said Ms. Mullally. "Equipped with stronger business relationships and the solid foundation formed in year five, we are set to rise to the challenge."
The Nova Scotia Gaming Corp. is a Crown corporation responsible for the conduct and management of gaming businesses in the province to maximize net revenue to Nova Scotia in a responsible manner. Its operations include lotteries and casinos.