Loto-Québec Its investments in France in the red

Loto-Québec’s investment of $ 4.8 million in equity and $ 82.2 million in equity in Moliflor remains in the red. This Loto-Québec investment generated a profit of $ 1 million at the end of 2007. In 2008, despite an increase in revenue of Moliflor Loisirs to € 276 million, Loto-Québec’s earnings not over $ 500,000. And for the 2009 fiscal year, this casino and gaming hall complex has seen a drop in sales due to the recession, but also to the new anti-smoking law in public places. This caused significant damage to Loto-Québec’s finances.

On February 16, 2009, the shareholders of Moliflor Loisirs agreed to suspend interest on their loans for at least one year. The question is therefore whether Moliflor Loisirs is in danger. Since March, Loto-Québec has not filtered any information on its French investments. It is possible that Moliflor is in the same case as other casino groups like Partouche which saw its turnover decline by 8% compared to the same quarter of the previous year. The competition of online casinos is also fierce just a few months before the opening of the market for online games, internet poker and sports betting.

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