French lottery operator stock price surges after $2.1 billion IPO
Includes video report
Francaise des Jeux (FDJ) SAEM shares soared as much as 20% after the French lottery operator raised about 1.89 billion euros (US$2.1 billion) in the country's largest initial public offering since the 2005 sale of power producer Electricite de France SA.
The government sold 52% of the company at the top of the marketed price range for institutional investors. Finance Minister Bruno Le Maire hailed a spectacular success that boosts the appeal of Paris as a financial ce ...
Nov 24, 2019, 8:21 am - Lottery News forum
France sells its lottery for $2 billion
France will bank 1.8 billion euros (US$2 billion) from selling down its stake in the country's lottery operator, according to the final price set on Wednesday in a listing that will serve as a test for France's privatization push.
President Emmanuel Macron's pro-business government kicked off the biggest wave of privatizations in over a decade with the initial public offering (IPO) of Francaise des Jeux (FDJ), the organization that operates the country's lottery. It is seeking to raise money ...
Nov 22, 2019, 9:19 am - Lottery News forum
New lottery agreement with private operator Northstar expected to save NJ up to $100M
New Jersey government officials have renegotiated a contract with the private operator of the New Jersey Lottery that is expected to save taxpayers up to $100 million over the next decade.
The new agreement raises the performance targets for Northstar New Jersey, a gaming conglomerate which has struggled to meet its financial promises to the state while also reaping tens of millions of dollars each year in incentives and fees. It had promised to generate at least $1.4 billion for the state ov ...
May 14, 2019, 11:38 am - Lottery News forum
Hoosier Lottery often pulls plug on high-dollar scratch-off games before all prizes can be won
Brittany Mowell and her husband purchase Hoosier Lottery scratch-off tickets a couple of times a week in hopes they'll win big.
The Indianapolis woman said she felt cheated out of that dream once she learned the lottery was pulling certain high-dollar scratch-off games off the market before all the big-money prizes could be won and paid out.
It felt so unfair she questioned whether such a move was legal.
That really ticks me off, Mowell said, and I feel ripped off.
Not only is the ...
Apr 6, 2018, 1:48 pm - Lottery News forum
Did new Illinois Lottery private manager get too good of a deal?
Hoping for better luck the second time around, state officials unveiled a deal Friday to put the fate of the Illinois Lottery in the hands of a British firm that pledges bigger returns than those generated under the manager the state fired.
In a do-over of the nation's first, controversial attempt at state lottery privatization six years ago, Illinois agreed to a contract with the only firm to bid for the potentially lucrative job: the Camelot Group. It comes as the state and Camelot pledge t ...
Oct 21, 2017, 9:55 am - Lottery News forum
Details of new Illinois Lottery manager deal kept secret
As the Illinois Lottery edges closer to finalizing a massive deal with a new private manager, the state and the firm have chosen to keep many of the details secret despite past pledges of transparency.
The deal includes a tiered incentive system in which the new firm, Camelot Illinois, would be paid bonuses for exceeding various profit levels, documents show. But the proposed dollar amounts are not included.
That was among the few bits of information in the heavily redacted records the sta ...
Oct 4, 2017, 9:01 am - Lottery News forum
Illinois Lottery awards management contract to Camelot
By Todd Northrop
Ending a years-long process of replacing its current management company, the Illinois Lottery today awarded its private management contract to Camelot Illinois, LLC essentially the same company that operates the United Kingdom's lottery.
The Lottery's Notice of Award was posted to the Illinois Procurement Bulletin after the State of Illinois Chief Procurement Office of General Services certified the procurement rules for selecting the private manager were correctly followe ...
Sep 22, 2017, 7:51 pm - Lottery News forum
Taxpayers pay millions in bonuses to outgoing lottery firm's staff
Illinois taxpayers have funded about $2 million in retention bonuses for employees of a private firm managing the lottery despite the firm performing so poorly Illinois is working to replace it.
A Tribune investigation has found the state approved paying bonuses as part of a complicated deal it struck in 2015 with the firm, Northstar Lottery Group. Northstar agreed to end its 10-year deal early if the state met a host of conditions, including paying Northstar disentanglement fees, which inclu ...
Mar 29, 2017, 9:21 am - Lottery News forum
Illinois Lottery private manager still on job after firing
Finding a new lottery manager proves tricky for state government
When Illinois lawmakers voted in 2009 to hire a private company to run the state's $2 billion-a-year lottery, they had high hopes of making more money that could be funneled into education and construction projects.
Then the company missed sales goals, and two governors tried to fire Northstar Lottery Group. But Northstar remains on the job more than two years later, and the firm is now able to collect millions of dollars mor ...
Mar 28, 2017, 4:21 pm - Lottery News forum
Lawsuit alleges Illinois lottery contractor cheated players, vendors
A company hired to manage the Illinois Lottery cheated players and lottery vendors by misrepresenting the odds of winning scratch-off games, a class-action lawsuit in federal court alleges.
The case, originally filed last month in St. Clair County Court, was removed last week to federal court in the Southern District of Illinois. The lead plaintiffs are Raqqa Inc., which operates Fairview Lounge, a bar, convenience mart and gas station at 10610 Lincoln Trail in Fairview Heights; and Michael C ...
Mar 13, 2017, 8:07 am - Lottery News forum