Lottery contributed $379M to Rhode Island coffers in ’13

PROVIDENCE – The R.I. Lottery paid $379.2 million to the state’s general fund for the fiscal year that ended June 30, according to the lottery’s audited financial statements. The payment was a $1.5 million increase over the amount paid in fiscal 2012. More

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Lottery contributed $379M to Rhode Island coffers in ’13

Posted 10/14/13

PROVIDENCE – The R.I. Lottery paid $379.2 million to the state’s general fund for the fiscal year that ended June 30, according to the lottery’s audited financial statements. The payment was a $1.5 million increase over the amount paid in fiscal 2012.

The figure 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 and the independent auditor’s report were publicly released last week.

The lottery’s gross profit from gaming operations before operating expenses totaled $385.9 million for fiscal 2013. According to a news release, video-lottery terminals – the machines housed at Twin River and Newport Grand – accounted for $316.4 million, or 82 percent, of total gross profit.

Net video-lottery revenue decreased approximately 1.2 percent compared to the prior year. Online and Instant Ticket revenue also increased 1.7 percent and 1.3 percent, respectively, over prior-year amounts.

The lottery implemented casino-style, table gaming at Twin River in June 2013. Net revenue from table games totaled $1.9 million for the limited time period before the fiscal year ended. After commissions paid to Twin River, the state’s share of net revenue from table games amounted to $300,000.

The lottery’s operating expenses totaled approximately $7.5 million for the year ended June 30. •

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