In Friday’s meeting of the Kentucky Lottery Corporations (KLC’s) board of directors, it was announced several major milestones have recently been achieved.
Sr. Vice President of Finance and Chief Financial Officer Howard Kline said October and November saw the KLC reach the landmarks of:
- $4 billion in proceeds earned for the Commonwealth;
- $9 billion in prizes paid to players, and;
- $15 billion in overall sales
“We’ve been able to accomplish a lot in the past 24 years, and all of us are extremely proud of the benefits the lottery has been able to provide back to the Commonwealth,” said KLC President and CEO Arch Gleason. “Since 1999, more than $2 billion in funding has been provided for college scholarships and grants. Students across the state continue to rely on us for these much-needed dollars, and we’ll continue to work hard to meet that demand.”
The board also learned the sales progress made by the new game Keno, launched on November 4. According to the KLC’s Executive Vice President and Chief Operating Officer Marty Gibbs, sales from the 4th through the 21st were $1.7 million. There are approximately 400 retailers selling the game, split nearly evenly between traditional lottery retailers and new retailers in the social environment. Gibbs reported an area of the state that saw large sales amounts a decade ago that are now seeing them again thanks to the launch. “Our retailers on the Kentucky – Tennessee border are doing really well, as we’re seeing people come back across the border to play a game that isn’t available there,” Gibbs said.
Vice President of Finance Rick Kelley reported year-to-date sales remain below budget but above last year’s mark. Overall sales through October were $273.6 million, less than the $277.3 million budgeted but ahead of the FY13 mark of $270.1 million. Income before transfer of dividends was $72 million, less than the $72.3 million budgeted and the FY13 mark of $72.4 million.
In other business, the board approved:
- An agreement with DMD Data Systems to replace IBM iSeries hardware and software;
- Renewal of the contract with Forensic Laboratory Inc. for lottery ticket testing and related services;
- An amended and restated retirement plan for KLC employees, and;
- Rules and regulations for 20 scratch-off tickets and amended Powerball group rules.
The next meeting of the KLC’s board of directors will be January 24, 2014. 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.