R.I. Lottery paid $376M to state general fund, $2.9M less than previous year

PROVIDENCE – The R.I. Lottery paid $376.3 million to the state’s general fund for the fiscal year that ended on June 30, $2.9 million less than the previous fiscal year, according to the lottery’s audited financial statements.
The amount paid to the general fund represents the Lottery’s net income after payment of prize awards, commissions and operating expenses.
The lottery’s gross profit from gaming operations before operating expenses totaled $386.3 million for the fiscal year that ended June 30.
Video lottery accounted for $306.5 million, or 79.3 percent of total gross profit.
Net video lottery revenue decreased approximately 2.6 percent compared to the prior year.

Video lottery net terminal income at both Twin River and Newport Grand trended down for fiscal 2014, with net terminal income at Twin River at $462.4 million, a 2.2 percent decrease compared with fiscal 2013. Net terminal income at Newport Grand totaled $44.7 million, a 7.2 percent decrease compared with fiscal 2013.
“While it is difficult to attribute the decrease in video lottery net terminal income to one specific reason, the decreases experienced at both facilities is consistent with those experienced in the regional market as a whole,” the report stated.
Online and instant ticket revenue decreased 5.7 percent and 1.2 percent, respectively, over prior year amounts. The lottery’s operating expenses totaled approximately $10.5 million for the year that ended June 30.
Net revenue from Twin River table games totaled $88.1 million for the year ended June 30, 2014 – the first full year of table game operations. After commissions paid to Twin River, the state’s share of net revenue from table games amounted to $15.9 million.
During the fiscal year ending June 30, 2014, the number of available gaming tables went from 66 to 80.
Auditor General reports are available HERE.

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