News Release Archive
FINANCE--FINANCIAL STATEMENTS RELEASED ------------------------------------------------------------ To the end of September, Nova Scotia's two casinos had paid $6 million in salaries and benefits to employees in Halifax and Sydney and, during the first six months of the fiscal year, the casinos and lottery receipts added almost $75 million to provincial government coffers. Finance Minister Bernie Boudreau, who is also Minister responsible for the Nova Scotia Gaming Corporation, released the corporation's revenue statements for the second quarter of the fiscal year (July through September) today in the House of Assembly. The Halifax Sheraton Casino was in operation for the entire period of the report. The Sydney casino opened in August, so numbers related to that operation are for a two-month period. The Halifax operation is showing revenue growth and a profit. During the three month period it showed a profit of $2.2 million on total revenues of just over $12 million. Average monthly revenue for the period of the report was about $4 million, compared to revenue in June - the casino's first month of operation - of $2.7 million. Since opening in June, the Halifax casino has paid almost $4.6 million to employees in salaries and benefits. Salaries are by far the largest single expense of the operation. When the doors to the Halifax casino opened in June, the Sheraton paid the province $25 million - the first installment on a four-year $100 million revenue guarantee. There is no taxpayers' money invested in the casino. In Sydney, the casino took in $2.9 million in total revenue during August and September, and paid out almost $1.4 million in salaries and benefits. Gaming Corporation chairman Ralph Fiske said the second quarter numbers are encouraging. "The Halifax casino revenues increased significantly during the second quarter. The casino operator (Sheraton Casinos) is committed to the Halifax and Sydney operations, and is now planning major marketing efforts. We're very confident in the Sheraton's ability to make the operations grow." -30- Contact: Ralph Fiske 902-424-2203 trp Dec. 19, 1995