Business Excellence Awards
Applications are now being accepted for the 14th Annual Business Excellence Awar ...
PROVIDENCE – The R.I. Lottery paid $354.9 million into the state’s general fund for the fiscal year that ended June 30.
According to the lottery’s audited financial statements, the total amount transferred to the state increased $10.2 million over the year ended June 30, 2010.
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 percent of total gross profit, the lottery said.
The amount paid to the general fund represents the lottery’s net income after payment of prize awards, commissions and operating expenses.
In its report released last week, the lottery noted 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 General Assembly authorized a statewide referendum for November 2012 that would allow casino-style gaming at Twin River if approved by voters. •