At Friday’s meeting of the Kentucky Lottery Corporation’s (KLC’s) board of directors, it was announced FY14 sales continue to beat last year’s results but are below budget.
Total year-to-date sales through February were $564.4 million, which is $12.7 million more than the same period in the previous fiscal year but $18.5 million less than budgeted. Sales were spurred by the launch of Keno in November. Sales of that product line have been $14.6 million, which is $3.9 million more than budgeted for the period. An additional 100 retailers have been added since the game’s launch.
Income before transfer of dividends to the Commonwealth for the FY to date was $150.5 million, which is $3.5 million more than last year but $742,000 less than budgeted. Senior Vice President of Finance and CFO Howard Kline told the board revenue projections for the remainder of the FY appear to show the KLC will meet the dividends amount the Commonwealth expects for the year.
Kline added, “We’ve seen a great rebound in sales over the past five weeks, thanks in part to a solid jackpot run by our Mega Millions game and player interest in our new $25 anniversary scratch-off ticket.”
In other action, the board re-elected Keith Griffee as chair. The Bullitt County resident serves as a market president for PBI Bank. June Hudson, a retiree from Benton, was also re-elected as vice chair.
The board also approved contracts with:
- Smartplay International for drawing machine maintenance and repair services;
- Garron Lottery Products for draw machines, ball sets and related services;
- Delehanty Consulting LLC for third-party security assessment and related services;
- Fortune Realty for the lease of the Lexington regional office and warehouse space, and;
- Goldberg Simpson LLC and Valenti Handley & Robinson for legal services.
Rules and regulations for 14 scratch-off tickets and an amendment to the rules for the draw game 5 Card Cash were also approved.
The next meeting of the KLC’s board of directors will be May 30. 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.