Illinois House approves privatizing state lottery
Illinois would raise $10 billion for building roads and schools by privatizing its state-run lottery for half a century under a plan the House approved Wednesday night.
After years of resisting, Speaker Michael Madigan and his House Democrats approved turning the lottery over to a private vendor because Gov. Rod Blagojevich and the Legislature have never agreed on another way to pay for a statewide construction program.
The House also voted to restore some of the painful budget cuts Gov. R ...
Sep 12, 2008, 3:15 am - Lottery News forum
Senate panels look into privatizing Texas Lottery
As state revenue from the Texas Lottery continues to decline, two Senate committees on Wednesday began searching for ways to boost the state's take from the games of chance including the possible privatization of the entire lottery operation.
Senators indicated they are willing to look at a variety of options to get the revenue flow back on an upward track after recent declines - including a drop to about $975 million this fiscal year after several straight years of totals over $1 billion - a ...
Aug 30, 2008, 12:41 am - Lottery News forum
California Lottery revenues dip
California Lottery officials on Tuesday lowered revenue estimates for the year by $275 million, just as Gov. Arnold Schwarzenegger suggested the state could double sales in a decade.
Citing a declining economy and poor brand image for the games, officials said the lottery's declining performance would reduce contributions to public education by $94 million, about 8 percent less than expected in the fiscal year that ends June 30.
It makes it more difficult for the lottery to meet the goals ...
May 20, 2008, 10:30 pm - Lottery News forum
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