The Manitoba Liquor & Lotteries Corporation announced its intentions to grow its real money online gaming market in the province during a committee meeting on January 11. One of their primary goals is to assist Canada’s Crown corporation in reviving the casino sector following two years of decline due to the epidemic.
Like many other businesses, the Manitoba Liquor & Lotteries Corporation has struggled in the year and a half since the first significant outbreak of the pandemic in March 2020. During that time, the Crown agency had a much harder time keeping its finances in order since it had to shut down its gaming establishments around the province.
Casinos are making a slow but steady comeback.
The Crown firm presented its financial report for 2020-2021 during a parliamentary committee meeting on Tuesday. CEO and President Manny Atwal said the company is getting back on its feet financially. The current fiscal year has seen casinos operate for longer than usual, which bodes well for the company’s future growth.
The Crown agency had a very successful fiscal year 2020-21, resulting in a net profit of C$425 million. The company forecasts a profit of C$570 for the current fiscal year, up significantly from the previous year’s performance. The figure is significantly lower than the C$606 million reported in 2019–20 before to the breakout of the virus, though.
Crown faces new difficulties
Like we said before, the Crown agency is thinking about expanding its internet gambling operations. The company expects PlayNow.com, its licensed online casino gaming platform, to bring in between $50 and $60 million in revenue for the current fiscal year.
PlayNow is currently contending with intense competition from offshore grey market online casino sites, where most Manitoban gamblers have relocated.
Mr. Atwal, though, is certain that the firm can dominate the local iGaming market with more advertising and brand awareness.
Mr. Atwal acknowledges that the committee has heard suggestions to expand internet gambling in Manitoba before, but he maintains that doing so is essential if the province is to become more well-liked by its residents.