California Gov. calls for expanding, privatizing lottery
Massively expanded lottery revenues are key to Schwarzenegger's budget plan
Called the lottery an underperforming asset
Anxious to avoid deep cuts in education spending, Gov. Arnold Schwarzenegger on Wednesday proposed dramatically expanding the state lottery and slashing entitlement programs, to help close a budget gap now pegged at $17.2 billion.
Schwarzenegger hopes to win voter support in November for a deal to obtain $15 billion from Wall Street firms, to be repaid from what the g ...
May 16, 2008, 8:41 am - Lottery News forum
Privatization of Texas lottery may get 2nd look in 2009
Texans could buy lottery tickets at the checkout lines in supermarkets and big-box department stores, at coffee shops and cabarets. They could pay with credit cards or personal checks and play online or the old-fashioned way with a ticket that's also a tiny ad for anything from soft drinks to sporting events.
Those are just some of the proposals offered to state officials by some of the nation's largest financial firms that have an interest in remaking the 16-year-old government-run Texas Lot ...
Apr 8, 2008, 10:42 am - Lottery News forum
Governor's plan to lease Vt. state lottery comes up a loser
Some called it the final nail in the coffin. Some called it a eulogy. Whatever they called it, members of the state Senate said a bill they passed Tuesday will likely stand as a tombstone over Gov. James Douglas' proposed lease of the state lottery.
The bill seems fairly mundane in itself. It requires lawmakers' approval before the lottery could be leased something that might well have been required by law already. And the administration was already planning on obtaining Legislative accepta ...
Feb 27, 2008, 8:48 am - Lottery News forum
Editorial criticizes N.J. Lottery privatization proposal
Privately run lottery faces long odds
Home News Tribune
Feb. 2, 2008
Give [New Jersey] state Senate President Richard J. Codey credit for trying.
Responding to the governor's assurance that he is open to ideas for solving the state's long-term budget woes, Codey, D-Essex, floated the notion of leasing the state's lucrative lottery. The way Codey figures it, the lottery might be worth billions upfront, and it might even produce some ongoing cash for the state if it is able to negotiate ...
Feb 5, 2008, 1:27 am - Lottery News forum
N.Y. takes first step toward lottery privatization
New York has taken a step toward privatizing the state lottery. The state's Budget Division has started the process of hiring an independent investment adviser to guide Gov. Eliot Spitzer's proposal.
Spitzer wants to open the lottery to private investors, using money made on a potential lease to start and sustain an endowment funding the State University of New York system. Spitzer has said any offer must include at least $4 billion in upfront payments.
The Budget Division is seeking a f ...
Feb 4, 2008, 10:14 pm - Lottery News forum
Questions arise about funds used for Calif. Lottery party
The California Lottery handed out a Nintendo Wii, several iPods, digital cameras and gift cards as prizes during a $43,629 employee recognition celebration and charged some of the items as training expenses.
During a Nov. 8 event commemorating the $20 billion the lottery has provided education since its 1984 inception, state officials used lottery administration funds to host a prime rib dinner for more than 300 employees and their guests at the DoubleTree Hotel in Sacramento.
As part of ...
Jan 25, 2008, 8:24 am - Lottery News forum
N.Y. Gov. wants to privatize lottery
New York may try to cash in on the future its lucrative lottery as a way to create a permanent education fund, and Wall Street is interested in taking the bet.
The stakes are high for everyone, from students who could get better education to poor communities that might see more grocery money scratched away.
For state government, a long-term leasing for part of the lottery and part of its profits to a private investor for 30 or 40 years could attract a massive upfront payment, perhaps in th ...
Jan 11, 2008, 6:43 am - Lottery News forum
Power outage has California lottery running on back-up generators
The California lottery disclosed Saturday night it was using emergency, backup electricity generators indefinitely to run online gambling and other games statewide due to a power outage.
Lottery Director Joan Borucki assured gamblers that operations would remain normal but said full conventional power to all buildings may not be restored for some time.
The lottery was able to conduct Saturday night's Super-LOTTO Plus draw of winning numbers, for instance, officials said.
The outage, ...
Jan 6, 2008, 12:56 am - Lottery News forum
Vermont could become first state to privatize lottery
No other state has leased its lottery, but Vermont wants to be the first.
Governor Jim Douglas hopes the lease will bring in $50 million dollars for the state budget, on top of the $23 million the lottery brings in now.
Today in a special report, VPR's John Dillon explores the advantages and disadvantages of what is so far an untested idea.
(sound of lottery machine printing ticket)
(Dillon) Johanne Gray is a regular at this convenience store in Montpelier. She likes to play the ...
Dec 21, 2007, 2:33 pm - Lottery News forum
Indiana governor drops lottery privatization
Indiana Governor Mitch Daniels said today he won't make a renewed pitch in the upcoming legislative session for his proposal to privatize the Hoosier Lottery, saying lawmakers will be too busy considering property tax reforms.
During the last session, Daniels proposed leasing the lottery to a private operator and said one company was willing to pay $1 billion plus $200 million in annual payments for the 30-year lease.
The money it generated would have gone toward a life sciences fund and a ...
Nov 23, 2007, 11:38 am - Lottery News forum