Lottery sales and profits ahead of last year
LOUISVILLE, Ky. (WTVQ) – Kentucky Lottery sales are expected to finish FY16 at a level that breaks last year’s all-time record. This news was shared Friday at a meeting of the Corporation’s board of directors.
Sales for the FY through the end of May were $918.6 million, which is $94 million (11.5%) more than last year and $28.6 million (3.2%) ahead of budget. Leading the way were outstanding sales of the Lottery’s scratch-off tickets, which finished the period with $551 million in sales. This is $38.4 million (7.5%) more than last year and $945,000 more than budget.
The largest percentage increase was in the Keno game, with a 40.4% jump in sales from the prior FY ($60.6 million versus $43.2 million).
Year-to-date income before transfer of dividends was $232.8 million, which is $17.5 million more than last year and $12 million more than budgeted.
Overall sales for the FY16 were budgeted to be $972 million, while income before transfer of dividends was budgeted at $241 million.
In other business, the board approved:
• A continuation budget for the beginning of FY17;
• A lease agreement with Fortune Realty for Lexington regional office space;
• Contracts with Goldberg Simpson, LLC and Valenti Hanley PPLC for legal services;
• The FY17 internal audit plan, and;
• Rules and regulations for seven new instant games, five new instant play games, and amended draw game rules for Keno.
The next meeting of the KLC’s board of directors will be July 29.