The Atantic Lottery Corporation has announced that it plans to write off its investment in the geo-located lottery firm Geonomics, ditching its $8.7 million investment after
Geonomics had a bad performance for its expectations that the ALC has posted since the investment. The group recently entered the UK betting market and ended up awarding its first million pound winner in May.
Commenting on the write off Prince Edward Island Finance Minister Allen Roach said, We are as disappointed as all Islanders that Atlantic Lottery will write down this investment as a loss on its books. Going forward our new government will take a prudent approach to economic development."