Atlantic Lottery surpasses profit target
Atlantic Lottery President and CEO Brent Scrimshaw has released the Corporation’s 2018-19 annual report and financial results.
“The company’s performance this past year saw us again exceed our commitments to our profit target,” Scrimshaw said. “In 2018-19 Atlantic Lottery generated $422.2 million in operating profits to the four Atlantic provinces, which is $2.8 million over target. This marked the fourth consecutive year our returns exceeded $400 million.”
Of the total profits in 2018-19, Atlantic Lottery returned $138.6 million to Nova Scotia, $135.4 million to Newfoundland and Labrador, $130.0 million to New Brunswick and $18.3 million to Prince Edward Island. All provinces’ profits surpassed their 2018-19 profit targets except in Nova Scotia, where the provincial target was missed by less than one per cent.
The Destination line of Atlantic Lottery, which includes its Video Lottery and Red Shores businesses, accounted for $265.2 million of the annual profit, while the Retail line of business returned $146.7 million and the iLottery line added the remaining $10.3 million.
Atlantic Lottery is publicly owned by the four Atlantic provinces and returns 100 per cent of its profit to the four provincial governments. Founded in 1976, Atlantic Lottery has since returned more than $9 billion in total profit to the region. At the end of the 2018-19 fiscal year, Atlantic Lottery had 650 employees based in all four Atlantic provinces.