The COVID-19 pandemic proved to be a difficult hurdle for SaskGaming to overcome as the corporation reported net losses of $13.4 million during the 2020-2021 fiscal year.
SaskGaming says in a normal year of operations, it would have paid a dividend to the Crown Investments Corporation. However the payment was cancelled this past fiscal year due to net losses.
Casinos Regina and Moose Jaw were temporarily closed for about seven months because of the pandemic which resulted in temporary lay offs of approximately 570 permanent employees.
“Not unlike other industries in our province, SaskGaming was significantly impacted by the pandemic,” stated Minister Responsible for SaskGaming Don Morgan in a release on Monday. “While the corporation managed to turn a modest revenue of $30.9 million when the casinos were operating with fewer capacity restrictions, it was not enough to offset expenses and resulted in no payments made to the General Revenue Fund.”
Revenue in 2019-2020 was at $114.1 million.
“This reporting year was unlike anything SaskGaming has experienced in 25 years of operation,” SaskGaming President and CEO Susan Flett said. “The corporation made many difficult but necessary business decisions as a result of COVID-19, including continuing with renovations at Casino Regina in an effort to support the local construction industry and sub-trades.”
Expenses were reported at $44.3 million at year’s end compared to $73.9 million in 2019-2020.
