Casino revenues off $5M in two weeks

Saskgaming ’s casinos were closed for a little more than two weeks of the 2019-20 fiscal year, but it was enough to sweep away more than $5 million in revenue and throw the corporation off its budget target.

Casino Moose Jaw and Casino Regina both closed at the end of the gaming day on March 16. That left 15 days until the end of the fiscal period for 2019-20, which was detailed in an annual report released on Wednesday.

In that short time, Saskgaming estimates it lost between $5.2 million and $5.8 million due to the closures.

Net income came in at $40.2 million, about $4.5 million less than in 2018-19.

Half of Saskgaming ’s profit goes to funds for community initiatives and First Nations development, while $13.3 million of the remaining $20.1 million went to Crown Investments Corporation as a dividend for the government.

Revenues came in at $114.1 million. Saskgaming has seen a declining trend in its revenues since 2014.

But the 2019-20 fiscal year was looking like it could reverse that downturn — until the closures.

Both casinos are set to reopen on Thursday. Saskgaming was unable to give any estimate in its annual report about what the almostfour-month closure would mean for the current fiscal year.

“The situation is dynamic and the ultimate duration and magnitude on the economy and the financial effect on Saskgaming’s future revenues, operating results and overall financial performance is unknown at this time,” the report said.

The closures cut back almost every revenue stream for the 201920 results.

Slot revenue was down by $3.1 million, or 3.2 per cent. Table revenue fell $0.4 million, also 3.2 per cent.

The corporation also faced lower food and beverage sales.

The COVID -19 pandemic did not have the same impact on expenses, which came in almost exactly in line with the year before at $73.9 million.

Saskgaming temporarily laid off 549 of its casino workers, but only at the very end of March. It still operated at full staffing levels until the end of the fiscal year.

About 41 per cent of its workers are Indigenous, while 19.5 per cent are visible minorities and 4.6 per cent have disabilities.

The two casinos counted 2.75 million guest visits over the 201920 fiscal year.

That was far less than the target of 3.65 million and below results from the year before.