Profits have declined at the largest casino and racetrack in Prince Edward Island (P.E.I.), but officials from the Atlantic Lottery Corporation are optimistic about a turnaround at Red Shores for the upcoming year. The corporation, which owns Red Shores, witnessed a profit increase of nearly $12 million in the 2024-25 fiscal year. However, P.E.I.’s share of the revenue decreased, with $25.9 million returned to the province, slightly lower than the previous year, while the other Atlantic provinces saw growth.
Red Shores’ casino specifically reported a profit of $2.5 million in the same period, marking a 35% drop from the prior year. Dallas McCready, the president and CEO of ALC, acknowledged the challenges faced by Red Shores, attributing economic factors and rising living costs as contributing issues. He noted that despite consistent strong visitation numbers, the amount spent per visit had decreased, aligning with trends seen in other provinces with land-based casinos.
Construction activities at Red Shores, including a significant expansion with new dining and entertainment options, could have impacted last year’s performance, according to McCready. The renovations are anticipated to be finished in early 2026. While casino game revenues declined, live racing revenue stayed steady, although there was a shift towards online betting.
McCready expressed confidence in the positive trajectory of Red Shores, highlighting the current robust numbers and dismissing long-term concerns. P.E.I. received $26.8 million from ALC in the latest fiscal year, slightly lower than the previous period. The decreased profits from the lottery corporation have implications for provincial funding in critical sectors such as healthcare and education.
In response to the lower-than-expected figures from Red Shores, a spokesperson from P.E.I.’s Department of Finance emphasized that the province evaluates its overall share of ALC profits, which includes favorable outcomes in other areas offsetting the Red Shores component. The government remains optimistic about the improvements at Red Shores creating a more engaging environment for patrons to enjoy.