Lottery Profits Remain Steady

Kentucky Lottery sales are ahead of last year but slightly below budget, according to a report in today’s meeting of the lottery’s board of directors.

Vice President and Corporate Controller Maggie Garrison reported year-to-date (July-October) sales of $314.3 million, which is nearly $4 million (1.3%) more than sales for the same period last year of $310.3 million. This is however $13 million (4%) less than budget for the period of $327.3 million.

Even though sales are lower than budgeted, income before transfer of dividends remains ahead of the budgeted number. This amount year-to-date is $80.2 million, which is $4.4 million (5.9%) more than last year and $167,000 (0.2%) more than budgeted.

“We’re heading into the time of year which is always our best sales period,” said the lottery’s Executive Vice President and CFO Howard Kline. “Even though sales are a little lower than we’d hoped, by effectively managing operating expenses we continue to meet the bottom line of what we need to return to the Commonwealth for our college scholarship and grant programs.”

Board Vice Chair Mark Sommer reported on progress being made in the search for the lottery’s next president and CEO. Sommer said according to the firm conducting the search (Louisville-based The Oliver Group), there have been nearly 300 applicants for the position. The board will narrow that field and submit recommendations to the governor, who will name the new leader. Sommer said he hopes to have the process completed by the end of January.

 In other business, the board approved:

  • A lease renewal with Bradley and Spurlock for regional office and storage space in Prestonsburg
  • Rules and regulations for 23 scratch-off tickets, five instant play games and amended rule for Kentucky Cash Ball.

The next meeting of the KLC’s board of directors will be January 27. 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.

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