The Lotteries & Gaming Authority (LGA) has recently published its audited Financial Statements for the year ended 31 December 2013 after these were approved by the LGA Board of Directors.
Mr Cuschieri took the opportunity to introduce his new executive management team which is now composed of Ing. Paul Fenech (Chief Officer – Strategy & Business Planning), Dr Dominic Micallef (Chief Officer – Investigations and Enforcement), Vincent Marmara (Chief Regulatory Officer), Dr Edwina Licari (Chief Legal Officer), Heathcliff Farrugia (Chief Operations Officer) and Carlo Mifsud (Chief Financial Officer). Commenting on his new executive team Mr Cuschieri said: “This is an excellent group of talented and professional individuals who possess strong academic backgrounds and work experience whom I am convinced can help me steer the LGA towards more future success”.
The total revenue generated by the LGA during the 2013 financial year amounted to €52.7m which is the same as the previous year. During the same period total operating expenditure amounted to €2.9m compared to €3.3m in 2012. Furthermore, the Authority registered a surplus amounting to €49.9m compared to €49.5m in 2012. As a result, the LGA transferred to Government the amount of €48.8m compared to €47.5m in the previous year.
Commenting on these results, LGA Executive Chairman Joseph Cuschieri said that: “These results continue to sustain the importance and value creation ability of the gaming industry for the Maltese economy. The Authority is currently undergoing a major restructuring, investment and capacity building programme in order to strengthen the LGA’s operational structures and define a new future proof strategy for the Authority and for the gaming industry itself. This will have the benefit of driving growth for the industry and reposition Malta as the top gaming jurisdiction globally. We have set out an ambitious reformist and growth agenda which we are focused on delivering”.
The LGA Financial Statements as approved by the Board are available for downloading on the Authority’s site at www.lga.org.mt