OLG Gives Back to Community in 2020 a Difficult Year for casinos25th February 2021 |
2020, a difficult year for casinos, individuals and companies alike, saw the closure of most businesses around the world that were not deemed as essential, leading to a global financial crisis. The unprecedented situation was no different in Canada, especially with the hit the gaming industry took. The industry usually contributes a massive amount of money to the state in tax revenues, money which is then used for various reasons for the betterment of the community. However, the global pandemic also meant that all land-based casinos in Canada had to close down, at least for a few months.
Read about casino closures.
OLG contributes to the community despite the circumstances of 2020 a difficult year for casinos
Nevertheless, the Ontario Lottery and Gaming Corporation still found a way to support its province’s people and economy, despite the disconcerting situation. This definitely was no easy task as what would usually be the main source of income – brick-and-mortar casinos and gaming halls – were forced to shut down. With constant hard work and determination, the Crown corporation is still set to come out of the 2020/21 fiscal year in the black in spite of casinos in the province being non-operational. The OLG coming out with a positive balance is news worth celebrating across the Ontarian community as the net profit will overspill onto various education and health entities that are in need of funding.
In congratulations, Chair of the Corporation’s Board of Directors Peter Deeb said, “The accomplishments achieved under these circumstances are a testament to the resiliency of the organization and the people of OLG.” He also praised OLG’s new CEO, saying, “Apart from delivering continued profitability in the fiscal year, OLG’s new President and CEO, Duncan Hannay, is leading an innovative strategy to drive the next horizon of growth. This will include job-creating investments in land-based gaming, improved lottery performance through innovation in product and distribution, and transformative development of the digital gaming channel — positioning OLG to actively support economic recovery in Ontario.”
Despite its casinos being closed, the OLG still had a pretty busy year and it managed to achieve the task it had initially set for itself. The Crown Corporation modernized upwards of 10,000 new video lottery terminals in Ontario for players to have a greater experience when playing. The company also introduced the thrilling, electrifying Lightning Lotto game, which instantly became a new fan-favourite. Definitely worth a mention was also the launch of the $5 Instant Plinko, which saw the OLG hitting a new milestone with record-making sales. Its popularity was in part due to the ‘Support Local’ program, which returned all the profits of this game to the retailers for three months. Horse racing was not left behind either, with the OLG continuously supporting the Ontario First Nations.
Another feather in the OLG’s cap is the majorly successful launch of its online gaming platform, OLG.ca. The Crown agency can now lie back and reap the success as the website more than exceeded projected numbers for its online lottery and gaming services. This initiative brought in substantial revenue after it generated immediate and huge interest from Ontario residents. Ontarians were also winners as the corporation rewarded players more than CA$1.8 billion in lottery prizes from April 2020 to January 2021.
In addition, the OLG also stood with its commitment to fiscal responsibility despite the situation in 2020 a difficult year for casinos. Mr. Deeb said, “OLG continues to move forward consistent with the Government’s mandate to maximize efficiency and earnings, in addition to reducing unnecessary costs and financial waste at every opportunity.”
With a new fiscal year approaching, the OLG is set on continuing its commitment to responsible growth while exploring new channels and launching new products. The OLG reiterated its promise to deliver value for money for all parties involved, be it business partners, communities, and all Ontarians.
Read about the positive predictions for 2021.
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