navLeft Online Poker 777 - the most updated online poker related portal chips navRight

online poker

   Saturday, July 13 2024 
Loto-Québec accumulated huge debt with the Charlevoix’s casino - Canada

“Manoir Richelieu” is a Québec-based private company with which the state signed a limited partnership. It is run by the state-owned gaming operator, Loto-Québec. The Casino at Charlevoix is easily accessible for visitors and local gamblers given its proximity, which is within the Manoir site itself. This Pointe-au-Pic resort includes a hotel, restaurants, spa, golf course, casino and shopping halls. Oddly since its opening in 1999, Charlevoix Casino has been experiencing noticeable revenue fall. The Loto-Quebec’s limited partnership saw $ 92 million of loss over the past 15 years. Worse, there has never been a positive revenue figure at the casino. The head of the certified accountacy and financial fraud examiner CFE, Claude Charbonneau, qualified the loss as a “disastrous adventure” for Loto-Québec.

Working on behalf of the League of Quebec taxpayers, Charbonneau has carried out an in-depth analysis about the financial results of Loto-Québec since 1994. Between 1999 and 2014, his finding shows that Loto-Québec has invested $ 127.7 million (acquisition of building and site, various investments and loans) in the limited partnership. As for the last fiscal year, the state-owned company invested $ 5 million in the Manoir with an interest-free repayable advance of $ 5 million in 2019. According to the state’s latest annual report, the carrying values of Loto-Québec’s investments in the limited partnership are amounted to $ 26 million. Plus, during those 15 years, Loto-Québec only pulled in $ 9.7 million in profits out of Manoir Richelieu.

This page has been viewed 496 times.

All trademarks and copyrighted information contained herein are the property of their respective owners.

Top Rooms
NetBet Poker
200% up to € 1,500

Copyright © 2024


  All rights reserved.