Business Excellence Awards
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By PBN Staff
PROVIDENCE - During the fiscal year ended June 30, the Rhode Island Lottery paid $377.7 million to the state’s general fund, an increase of $28.8 million compared with the previous year.
The $377.7 million represented the lottery’s net income after payment of prize awards, commissions and operating expenses, according to a release from the General Assembly.
During fiscal year 2012, video lottery revenue - collected at Twin River and Newport Grand - accounted for $320.8 million, or 84 percent, or the Rhode Island Lottery’s total gross profit. Net revenue for video lottery increased roughly 7.1 percent year over year from 2011 numbers.
In March 2012, the lottery – and lotteries from other New England states – introduced the Lucky for Life regional game, which offered a top prize of $1,000 a day for life. During fiscal 2012, sales for the Lucky for Life Game totaled $3.8 million.
Prior to release, the Rhode Island Lottery’s financial statements were reviewed by an independent auditor and Auditor General Dennis E. Hoyle.
According to the General Assembly release, Hoyle’s audit found no major issues with the Rhode Island Lottery, but noted an instance of “immaterial noncompliance” with the minimum General Fund transfer requirement for instant ticket and online games.
Both Hoyle and the independent auditor recommended that the lottery propose modifications to the existing laws in order to better align transfer requirements with current prize structures.