Atlantic Lottery misses profit target in Newfoundland and Labrador
The Atlantic Lottery Corp.’s profits soared in fiscal 2017-18 and Newfoundland and Labrador raked in $133.8 million from people’s taste for lottery tickets and gambling, but the corporation had set higher targets for this province.
“I’m proud to share that Atlantic Lottery exceeded its target to report profits of $419.2 million in fiscal year 2017-18,” CEO Brent Scrimshaw said in delivering the corporation’s annual report in Halifax Monday, Oct. 1.
Of the total profits in 2017-18, Atlantic Lottery — owned by the four provinces — also returned $137.9 million to Nova Scotia, $128.7 million to New Brunswick and $18.8 million to Prince Edward Island.
All provinces’ profits grew from the previous year and surpassed their 201718 profit targets except in Newfoundland and Labrador, where the provincial target was missed by $4.5 million, Scrimshaw said in a news release.
The Destination line of Atlantic Lottery, which includes its video lottery and Red Shore businesses, accounted for $284.3 million of the annual profit, while the retail and iLottery line of business added the remaining $134.9 million.
Atlantic Lottery said counted among its key successes the past fiscal year were the implementation of enabling technology infrastructure, including new systems for both retail lottery and iLottery, as well as broad new digital applications online and through new mobile iOS and Android apps.