NEW: Lottery Paid $354.9 Million to General Fund in 2011
Monday, October 03, 2011
The Rhode Island Lottery paid $354.9 million to the state's General Fund for the year ended June 30, 2011, 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 Lottery's financial statements for the fiscal year ended June 30, 2011 and the independent auditor's report thereon are included in a report issued by Acting Auditor General Dennis E. Hoyle and released today by the Joint Committee on Legislative Services. The auditors concluded that the Lottery's financial statements were fairly presented in accordance with accounting principles generally accepted in the United States of America.
The total amount transferred to the State increased $10.2 million over the year ended June 30, 2010. The Lottery's gross profit from gaming operations before operating expenses totaled $360.2 million for the fiscal year ended June 30, 2011. Video lottery accounted for $301 million or 83% of total gross profit.
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The Lottery disclosed certain contingencies related to the financial difficulties experienced by its licensed video lottery facilities as well as pending legislative efforts in Massachusetts to allow three casinos and one slot parlor in that State. The Rhode Island General Assembly authorized a statewide referendum (November 2012) to allow casino style gaming at Twin River.
