On 11 June, the Quebec government has adopted the budget for the current fiscal year and prepares the annual report on the Loto-Quebec. This results in a significant decrease in revenues was also accompanied by a base of earnings, reduced by 7.9%.
It seems according to an analyst that the lack of rigor in expenditure, coupled with an investment losing $ 58.2 million in France. This analysis also excludes the operation of the casino, including the Mont-Tremblant, the state opened in 2009. Loto-Quebec has seen him when spending increased by 4.3% or more than 11 million dollars.
A total of Loto-Quebec has invested in 2006 more than 87 million dollars to return capital to the tune of 35% of a company operating a casino in France, including 82.2 million as a loan at 8%, with interests would be constantly reinvested until 2016. The remaining 4.8 million were paid at the time the form of equity, but since last year were written off. This year, we learned that the Corporation has lost about $ 58.2 million.
He attributes the losses primarily to the economic crisis but also to the tobacco legislation in France, which together bring down the turnovers of most casinos in France. Final blow, France has opened its market to online games. It is possible that this fall a little enthusiasm for the casinos. However, many wonder, because the value of the investment has been reduced only last year, when they had a lot of information. The “Auditor General” from Quebec who had to verify the financial status of Loto-Quebec seems to have omitted a reassessment that seemed necessary with existing systems since 2006. A costly experience.