SIGA profits up this year
- EFN Staff | June 06, 2016
The Saskatchewan Indian Gaming Authority (SIGA) has announced revenues of $258.3M with net earnings of $86.3M for the 2015–2016 fiscal year, which it says represents an increase over the previous year’s net earnings.
As a non-profit corporation, 100 percent of SIGA’s profits are distributed to its beneficiaries in Saskatchewan. SIGA as a company owned by the First Nations of Saskatchewan, fully reports its financial and operational performance to its shareholders and the public.
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“At the heart of SIGA’s work is the guiding principle Wîtaskêwin. Since opening our doors 20 years ago SIGA has delivered over 950 million dollars in net profit to communities and charitable organizations in Saskatchewan. It’s with a deep sense of pride and knowing that the vision that the Chiefs of Saskatchewan had when they developed SIGA has resulted in the success we share today.” said Chief Reginald Bellerose, Board Chair.
Profits generated from SIGA's operations are administered by the Province of Saskatchewan.
- 50% is shared with the First Nations Trust which is distributed to Saskatchewan First Nation communities;
- 25% is shared with regional Community Development Corporations (CDCs) which are situated in the casino locations for local initiatives;
- 25% is shared with the Provincial Government's general revenue fund.
“After 20 years in operation we have developed into a first class gaming operator, we have demonstrated an ability to serve and develop regional casino markets as good as or better than any other operator in Canada.” Zane Hansen, President and CEO SIGA.
Hansen went on to remark that, “Throughout this time we have developed strong relationships in all six casino markets and we have sought to maximize the benefits from our operations on a regional and provincial wide basis. To close out the year I am very pleased to report our 5th consecutive year of net earnings above $80M. As an operator we keep a steady focus on serving our customer and continuous improvement in our operations. This is reflected in the facilities we build, our gaming product and entertainment offerings and most importantly the investments we make in our people. We thank our customers for their loyal and continued patronage.”
As a non-profit, SIGA’s gaming operations are returned 100% of their profits to its beneficiaries. As one of the largest First Nations organizations in the country, SIGA employs a workforce of 1875 individuals of which 65% are First Nation. Since opening its doors 20 years ago, SIGA has generated over $950 million dollars in net earnings for our beneficiaries.