The operator of Casinos Regina and Moose Jaw was looking forward to improved revenues and profits until closure by the COVID-19 lockdown in late March.
Guest visits of 2.75 million people were trending up at both casinos before the closure, according to the Saskatchewan Gaming Corporation annual report.
Still, the average amount dropped on each visit increased nearly 14 per cent to $41.50 from $36.43 for the year ended March 31.
Forced closure for the health quarantine caused an estimated net income loss between $5.2 million and $5.8 million based on last year’s income.
Slot machine profits fell $3.1 million with a $900,000 decline in table game profits.
Revenues dropped $4.5 million to $114 million with profits of $20.8 million down by $2.3 million.
Payments of $20.1 million to the Saskatchewan Government general revenue fund was $2.3 million less than in 2018-19. These payments are split 50-50 with the First Nations Trust and the Capital Initiatives Fund.
Operating expenses declined by $1 million with $400,000 less in entertainment costs for 188 events attracting 70,000 visitors to the Regina Show Lounge. No entertainment events were sponsored at the Mae Wilson Theatre.
The corporation retained $6.8 million profit and paid a $13.3 million dividend to the Crown Investments Corporation.
During the year, renovations at Casino Regina’s Last Spike Restaurant cut into revenue. When Casino Regina renovations are complete in 2023, work will start on Casino Moose Jaw renovations.
Capital expenses of $3 million included software upgrades to all machines.
Layoff of 549 employees occurred April 3, with all promised their old jobs back when operations resume.
The casinos gave $383,000 to 17 charities.
No projections were given for the 2020-21 fiscal year due to uncertainties from the pandemic.
Ron Walter can be reached at [email protected]
