SIGA, which is short for the Saskatchewan Indian Gaming Authority, has said that the profits are back to the pre-pandemic level. This is related to SIGA recently sharing the numbers for 2022-2023, covering all its seven casinos in the region. Also, it considers the launch of PlayNow.com.
Per the numbers reported by the brand, it saw a significant rise in net income. It stands at around $126 million. This is an increase of 87.7% in comparison to the previous year. The number for the same was $68.2 million in 2021-2022. Revenue at the end of March 2023 was reported at $292.3 million, a jump of 49.4% against $195.8 million for the previous year.
Going by the number, SIGA has claimed that the reports are now in line with what they were before the Covid-19 pandemic dropped down their shutters for a long time.
The numbers are also significant as SIGA is a non-profit corporation that is known for investing the surplus back into the community. SIGA basically distributes the revenue in three categories to make sure that it makes a valid contribution to society. Here is what the revenue distribution by SIGA looks like:
First Nations Trust gets 50% of the share
Community Development Corporations get 25% of the share
General Reserve Fund gets the remaining 25% of the share
First Nations Trust distributes the finance among 74 First Nations in the province. CDC, or Community Development Corporation, gives it back to initiatives undertaken for the well-being of local communities.
Bobby Cameron, the Chief of the Federation of Sovereign Indigenous Nations, has highlighted that SIGA continues to strengthen the people of the First Nation via economic growth, employment, and financial self-reliance, among other means.
Also making the financial buzz is PlayNow.com, the online casino that enables players to participate in betting activities, including Canadian sportsbook and general gambling. It was launched on November 03, 2022, making SIGA the only First Nations-owned company with an agreement of 50-50 sharing for online gaming revenue (Canada).
PlayNow.com is doing wonders. It has boarded more than 15,000 clients to register profits right from the first fiscal year. Players have, so far, wagered $113 million in online slots and $50 million in slot spins. There is a clear division when it comes to the popularity of a segment. As per the activities and financials recorded by PlayNow.com, online Canadian casinos bring a major portion of the revenue to the table. The number comes to $30.6 million in comparison to $1.6 million brought by the sports betting division.
Zane Hansen, the President & Chief Executive Officer of SIGA, has said that the previous year was an important time of recovery, adding that the focus was on building back most of its reserves and resources.
All seven casinos have been profitable – Dakota Dunes Casino, Bear Claw Casino, Gold Eagle Casino, Gold Horse Casino, Living Sky Casino, Northern Light Casino, and Painted Hand Casino.
