Schwarzenegger may try to privatize California Lottery

Comment #7

rdc137 — Wed, 16 May 2007 02:25:04 GMT

Slightly OT: The sell the state bug is going nuts all over. Today the Philadelphia news had a piece about Ed Rendell in PA talking about how he wants to lease the gem of PA assets, the Pennsylvania Turnpike. He acknowledged that tolls would probably have to go up, maybe as high as $34 from the Ohio to New Jersey border.

Privatizing state assets is a violation of trust. I'm not sure who started this crap, but in the end, it'll be a disaster. Do we really want a monopilized lottery in the p... [ More ]

Comment #6

Drivedabizness — Sat, 12 May 2007 20:07:11 GMT

First - CA games are all parimutuel because the Supreme Court (with its head up its a_ _) ruled they had to be.

Second, the Governor had a deal with the CA Teachers Assn to stay neutral on a bill to raise payouts. The CTA deal and opposed the bill - they already get (mostly in bonuses to teachers that may or may not be performing well) the vast majority of lottery money (over 70%). Not many people know that and the CTA does not publicize it - they see the Lottery as their own cash cow.

Comment #5

Stack47 — Sat, 12 May 2007 00:30:05 GMT

California has one of the lowest-performing lotteries in the country, he said. Taxpayers could see two to three times more money go into state coffers. Mendelsohn also said any plan the governor proposed would not diminish the size of lottery payments now allocated to public schools, which received nearly $1.3 billion from the lottery in fiscal 2006.

I don't understand why anybody would buy or lease their lottery for $37 billion if California expects to retain the profits. Basically Schw... [ More ]

Comment #4

jarasan — Fri, 11 May 2007 02:48:13 GMT

One would hope just for hope's sake the people of CaliCali stop playing if it happens. I believe the odds will change to favor the house even more. Also, I would be very curious to see (it better be full disclosure) the people or entity that buys out the lottery. Full disclosure, full disclosure, public hearings and definitely on the next ballot. That is alot of annuity money etc. jarasan. Let the people decide.

Comment #3

DoubleDown — Fri, 11 May 2007 00:12:22 GMT

Be careful Cali- Ahnold may just decide to tuminate the whole thing

Comment #2

liberal47 — Thu, 10 May 2007 23:30:30 GMT

I'm amazed at these shortsighted politicians, who think nothing of selling the states assets for quick gain to fix a current problem, and enhance their own reputation . That happened here in Michigan when former Gov. Engler sold the liquor commission for far less than he should have, tried to sell off the county road commissions,(a costly experiment, and failure), and had a yard sale on everything else that the state had producing revenue. Thank God he didn't have the support to sell off the lot... [ More ]

Comment #1

SlingKing — Thu, 10 May 2007 22:15:05 GMT

Another Arny sellout - He used to talk about changing the Calif lottery to were it produce more winners. His logic was more people would play if they had a real chance to win, therefore producing more revenue. He also suggested reducing the numbers, which in turn would reduce the odds, Of course jackpots would be lower, but there would be more winners and 2nd,3rd 4th level prizes could be higher. What happened Arny? Did the real players get to you???

On a personal note, i won't play Cal... [ More ]

Schwarzenegger may try to privatize California Lottery

Lottery Post — Thu, 10 May 2007 18:56:47 GMT

California Gov. Arnold Schwarzenegger is poised to call for privatizing the state lottery, a move that would bring California a cash infusion of as much as $37 billion to help solve pressing budget problems but also could sacrifice a major revenue source for decades to come.

The lottery would be leased to a private company for up to 40 years in exchange for a lump-sum payment or series of payments, according to documents from the governor's budget office that were provided to legislative staf... [ More ]