Lottery Proceeds to the Commonwealth on Track

In today’s meeting of the Kentucky Lottery Corporation’s board of directors, it was announced that proceeds paid to the state for the first six months of the fiscal year met their goal – and that performance for the rest of the year is expected to remain on track.

Overall sales for the first six months were $420.4 million, which is $2.8 million more than the previous fiscal year but $7.5 million less than what was budgeted. A bright spot in sales, according to the lottery’s Sr. Vice President of Sales and Marketing Steve Casebeer, was the new Keno game. “Sales for Keno from launch through the end of December were $6.1 million, compared to the $4.8 million expected,” he reported. “Keno sales are continuing to trend upward. We’ve added 83 new retailers since launch in November to help expand our base, and are working to continue to expand in the social environment.”

Year-to-date income before transfer of dividends to the Commonwealth was $112.7 million, which is $1.8 million higher than budgeted. “We were able to exceed our profit goal despite lower sales thanks to the $636 million Mega Millions jackpot in December,” said the lottery’s Sr. Vice President of Finance and CFO Howard Kline. “Mega Millions is one of our most profitable games, and increased sales of that product – in addition to reducing operating expenses – helped us close the gap.”

In other business, the board approved:

-  A contract with SmartPlay International for random number generators;
-  A contract with Vision Solutions for software, and
-  Rules and regulations for 11 scratch-off tickets.

The board also welcomed Jan Buddeke, a retired investment manager, as its newest member. She was appointed by Governor Beshear to a full four-year term. Board member Joseph Haydon was also reappointed by the governor to a full four-year term.

The next meeting of the KLC’s board of directors will be Friday, March 21. 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.