In today’s meeting of the Kentucky Lottery Corporation’s (KLC’s) board of directors, it was announced ticket sales from July through December were strong.
Draw game sales, grown in part thanks to a record-breaking November Powerball jackpot run to $587.5 million, were $163.4 million for the period. This is $18.9 million (13%) more than last year and $2.1 million more than budgeted. Instant ticket sales for the same timeframe were $254.1 million, which was $12.3 million (5.1%) above the same period last year but $2 million less than budgeted.
Total combined sales were $417.6 million, which was $31.2 million (8.1%) more than last year but $192,000 less than budgeted. Income before transfer of dividends for the first half of the fiscal year was $113.4 million, which was $11.4 million (11.2%) more than the same period last year and $3 million more than budgeted.
Sr. VP of Finance and CFO Howard Kline reported the outlook for the rest of the year continues to look positive. “Based on our current projections, we should generate sufficient net income to provide the $214 million budgeted for the lottery by the Commonwealth,” he said.
“We’re optimistic that we’ll be able to keep sales growing in the right direction,” said KLC President and CEO Arch Gleason. “We’re in the middle of two good jackpot runs right now with our Powerball and Mega Millions games that will hopefully continue to grow, and our new Fun Club Rewards program for instant ticket players should continue the positive trend there as well.”
In other business, the board approved:
- The extension of Gleason’s employment contract for an additional three years through June 2017. His compensation is set annually by the board after the completion of each fiscal year.
- A policy renewal with Wells Fargo Insurance Services for directors and officers liability insurance
- Rules and regulations for nine scratch-off tickets.
The next meeting of the KLC’s board of directors will be March 22. The meeting will begin at 9:30 AM EST, and will be held at the KLC headquarters at 1011 West Main Street in Louisville. Committee meetings will begin at 8:30 AM EST.
