Pandemic Challenges Result in Losses for SaskGaming in 2020-21
The 2020-21 reporting year was one of difficulty and adversity for SaskGaming, with Casinos Regina and Moose Jaw remaining temporarily closed for approximately seven months due to COVID-19. This resulted in the corporation reporting net losses of $13.4 million and temporarily laying off approximately 570 permanent employees.
"Not unlike other industries in our province, SaskGaming was significantly impacted by the pandemic," Minister Responsible for SaskGaming Don Morgan said. "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."
In a normal operating year, SaskGaming would have paid a dividend to its shareholder, Crown Investments Corporation. This payment was cancelled in 2020-21 due to the corporation's net losses.
"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."
2020-21 Financial Results:
- Revenue: $30.9 million compared to $114.1 million in 2019-20.
- Expenses: $44.3 million compared to $73.9 million in 2019-20.
- Net Loss: $13.4 million compared to net income of $40.2 million in 2019-20.
- Payment to the General Revenue Fund: $0 compared to $20.1 million in 2019-20.
- Dividend to Crown Investments Corporation: $0 compared to $13.3 million in 2019-20.
To view a copy of SaskGaming's 2020-21 Annual Report, visit saskgaming.com.