NEW: Rhode Island Lottery Paid $379M to State in Last Fiscal Year

Friday, October 04, 2013

 

View Larger +

The Rhode Island Lottery paid $379.2 million to the state in the fiscal year that ended June 30, 2013, which is a $1.5 million increase compared to FY 2012.

The Rhode Island Lottery contributed $379.2 million to the State’s General Fund for the year ending June 30, 2013, according to the Lottery’s audited financial statements. The amount paid to the General Fund represents the Lottery’s net income after payment of prize awards, commissions, and operating expenses.

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.

Revenue Breakdown

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.

Recommendations

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.

 
 

Enjoy this post? Share it with others.

 
 

Sign Up for the Daily Eblast

I want to follow on Twitter

I want to Like on Facebook

Delivered Free Every
Day to Your Inbox