Ontario lottery corporation loses $56M on casinos, bingo
Ontario Lottery and Gaming Corp. lost about $45 million on its casinos last year and another $11 million on bingo, despite turning over $2 billion to the government.
In its annual report, the Crown agency says it took in $1.4 billion from casinos in 2010, and notes the $45.8-million loss was actually $28 million less than the 2009 shortfall.
OLG blames the recession and the higher Canadian dollar, which hit Caesars in Windsor the hardest, leading to a $16-million loss.
Bingos brought in $50 million in revenues in 2010, up $700,000 from 2009, but the games still lost $11.3 million — better than the $16 million lost on bingo in 2009.
The agency credits lower operating expenses for the 30 per cent decrease in bingo losses last year.
Profits from slot machines at racetracks were also down in 2010, while profits were up from OLG's lottery games.
The $2 billion OLG paid to the province for the fiscal year ending March 31 was its largest dividend since 2003.