Illinois Is Putting Lottery on Block for Quick Payoff
The state of Illinois yesterday took the first steps in selling its state lottery system, hoping to attract as much as $10 billion from investors who, in return, would own a monopoly that could turn out to be the biggest jackpot yet.
The sale, which may occur as early as the spring, would not be the first privatization of public property - both Chicago and Indiana have recently earned billions of dollars by signing long-term leases with private companies to run toll roads. But the proposed l ...
Jan 23, 2007, 8:11 am - Lottery News forum
Illinois woman wins $7 million lottery jackpot
When Alberta James of Machesney Park, Ill. arrived home from work tired and soaked from the rain last week, she listened to a garbled message on her answering machine from her best friend about the Lottery. At the time, Alberta had no idea that her life was about to change.
When I called my friend back she said, 'Oh my God, you're rich. One winner has a $7 million ticket they bought from Vince's, and I'm sure it's you!' said James. She didn't believe her friend: You dream about it, but you ...
Nov 18, 2006, 9:57 am - Lottery News forum
Single winner takes $7 million Illinois Lotto jackpot
A single winner has taken the $7 million jackpot from the latest drawing of the Illinois State Lottery's Lotto game.
The ticket sold in Loves Park was the only one to match all six winning numbers from Wednesday night's Lotto drawing.
The next Lotto drawing will be Saturday night, and will feature a grand prize of $2 million.
Wednesday night's drawing also produced 20 second-prize winners who matched five of the six winning numbers and will receive prizes of $1004 apiece. Another 1,048 ...
Nov 9, 2006, 8:33 am - Lottery News forum
Greenup Jumpin' Jimmy's sells lottery ticket worth $12.25 million
Monday proved busier than normal for Jumpin' Jimmy's manager Becky Lewis.
I haven't gotten hardly any paperwork done today because I've been answering the phone so much, she said.
But what do you expect when word gets out that a $12 million-plus lottery jackpot ticket was sold at the small town fuel station?
Illinois Lottery officials confirmed that the lone winning $12,250,000 Lotto ticket was purchased at the Greenup Jumpin' Jimmy's on Saturday but was still unclaimed as of press ti ...
Oct 3, 2006, 12:33 pm - Lottery News forum
$10 Billion Lottery Proposal Stalls in Illinois
A proposal by Illinois Gov. Rod Blagojevich (D) to increase funding for public education by selling or leasing the state lottery for $10 billion may be headed nowhere.
Blagojevich announced the proposal with much fanfare on May 23, but no supporting legislation has been introduced, political leaders are peppering the governor with questions that have not been answered, and allegations of political payoffs and cronyism have surfaced.
A key inquisitor has been state House Speaker Michael Mad ...
Jul 26, 2006, 6:12 pm - Lottery News forum
Illinois lottery privitization plan panned by tax group
An estimated $10 billion windfall from the sale or lease of the Illinois Lottery for state education funding would be short-lived, maintains a new report by the Center for Tax and Budget Accountability, a Chicago-based fiscal policy think tank.
Introduced by Gov. Rod Blagojevich May 23, the proposal calls for funneling $4 billion in sale proceeds for school construction, text books purchases and new programs, such as full-day kindergarten and a longer school year.
The remaining $6 billio ...
Jun 22, 2006, 9:06 am - Lottery News forum
Illinois Gov. won't reveal data on lottery sale plan
The Blagojevich administration said Tuesday it won't release a consultant's work on how much money the state could make by selling or leasing the Illinois state lottery. The administration compared such a move to sharing playbooks with rival sports teams.
Republicans have called for public disclosure.
Gov. Rod Blagojevich last week proposed privatizing the lottery to provide a bonanza of cash for education over the next few years. He said New York-based consultant Goldman Sachs estimated t ...
May 31, 2006, 7:36 am - Lottery News forum
Sale of Illinois Lottery could start a trend
If Illinois privatizes its lottery system, investors and public officials in other states will closely watch the groundbreaking move with an eye toward repeating it, a gaming industry leader predicted Wednesday.
Gov. Rod Blagojevich, a Democrat running for a second term in November, announced Tuesday a proposal to sell off or lease the state's lottery system to private investors in order to bolster school funding. He said the state could get $10 billion out of the deal and use the money to fu ...
May 25, 2006, 9:48 pm - Lottery News forum
Many dislike Illinois Gov.'s lottery privatization plan
A day after Illinois Governor Rod Blagojevich unveiled his $10 billion school financing and education reform plan, lawmakers, local school officials and teachers union representatives raised serious reservations, suggesting that key portions of the proposal will face a rocky path.
Virtually every aspect of the agenda from state takeover of failing schools to merit pay for teachers to mandated after-school tutoring has its skeptics and detractors.
Overall, educators applauded Blagojevich ...
May 25, 2006, 6:21 pm - Lottery News forum
Illinois Gov. wants to privatize state lottery
Controversial plan is designed to capture funds for education up-front, but is it worth the gamble?
Democratic Illinois Governor Rod Blagojevich today will unveil an election-year school funding plan that calls for leasing the state lottery for the next decade to a private firm in return for $10 billion in upfront cash.
Schools would get at least $1 billion a year for the next four years from such a deal, with the remaining $6 billion going into an education trust fund governed by a board ...
May 23, 2006, 2:38 pm - Lottery News forum