NEW: Rhode Island Lottery Paid $379M to State in Last Fiscal Year
Friday, October 04, 2013
The report was issued today by Auditor General Dennis E. Hoyle and released by the Joint Committee on Legislative Services. The auditors concluded that the Lottery’s financial statements were fairly presented in accordance with proper accounting principles.
The total amount transferred to the State increased $1.5 million over the year ending June 30, 2012. The Lottery’s gross profit from gaming operations before operating expenses totaled $385.9 million for the fiscal year ended June 30, 2013. Video lottery accounted for $316.4 million or 82% of total gross profit.
Net video lottery revenue decreased approximately 1.2% compared to the prior year. On-line and Instant Ticket revenue also increased 1.7% and 1.3%, respectively, over prior year amounts. The Lottery’s operating expenses totaled approximately $7.5 million for the year ending June 30, 2013.
The Lottery implemented casino-style table gaming at Twin River, the State’s largest video lottery facility, in June 2013. Net revenue from table games totaled $1.9 million for the limited time period such games were in operation during fiscal 2013. After commissions paid to Twin River, the State’s share of net revenue from table games amounted to $.3 million.
The Auditor General also issued the Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards. The audit found no matters required to be reported under Government Auditing Standards.
However, the auditors reported three management comments relating to assessing compliance with General Fund transfer requirements, new pension accounting standards that could impact future transfers to the General Fund, and General Law provisions regarding the State and Twin River’s share of net table game revenue. The auditors recommended that the Lottery consider the need to propose modifications to the General Laws to address these issues. The Lottery concurred with the Auditor General’s comments and their responses are also included in the report.
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