Woonsocket Radio News Room

 

Auditor General issues audit report for Rhode Island Lottery for the fiscal year ended June 30, 2022

 

STATE HOUSE – The Rhode Island Lottery paid $388.6 million to the state’s General Fund for the year ended June 30, 2022, representing the Lottery’s net income after payment of prize awards, commissions and operating expenses. Lottery revenue, including gaming activity at the Lottery’s two casinos, experienced a significant recovery during fiscal 2022 compared to 2021. The fiscal 2022 transfer to the state increased $86.8 million over the previous fiscal year. While increased, the fiscal 2022 transfer was less than amounts transferred in fiscal 2019 prior to the pandemic.

The Lottery’s financial statements for the fiscal year ended June 30, 2022, and the Independent Auditor’s Report thereon are included in a report issued by Auditor General Dennis E. Hoyle and released today by the Joint Committee on Legislative Services. The auditors concluded that the Lottery’s financial statements were fairly presented in accordance with accounting principles generally accepted in the United States of America.

The Lottery’s gross profit from gaming operations before operating expenses totaled $401.7 million for the fiscal year ended June 30, 2022. Video lottery accounted for $288.8 million or 71.9% of total gross profit. Net video lottery revenue increased by approximately 39.4% compared to the prior year. Online revenue increased by 7.0% and instant ticket revenue decreased 3.0% over prior year amounts. The Lottery’s operating expenses totaled approximately $13.2 million for the year ended June 30, 2022.

Net revenue from table games totaled $125.0 million for the year ended June 30, 2022. After commissions paid to the facilities and the towns, and related operating expenses, the state’s share of net revenue from table games amounted to $19.3 million.

Sportsbook gross profit totaled $19.9 million, after commissions, payouts, and marketing expenses. Sportsbook revenue increased 46.5% in fiscal 2022 with the resumption of sporting events and more patrons using the mobile Sportsbook application.

The Lottery disclosed recent amendments to the Master Contracts with IGT Global Solutions and the Rhode Island Affiliates of Bally’s Corporation as well as the increasing competition from gaming activities in neighboring states.

 The auditors reported an internal control deficiency related to the sportsbook contractor’s need to review and improve documentation of the bookmaker’s access to the sportsbook system and obtain coverage of complementary subservice organization controls of the bookmaker.

The full report as well as a summary are available at the Auditor General’s website, oag.ri.gov/reports.html.

 

Hundreds of people across the U.S. have been arrested in the past two weeks for protesting the Gaza war. Anti-Israel protests have sprung up across the country since the NYPD arrested over 100 demonstrators at Columbia University on April 18th. The New York Times says since then, protesting students have been setting up tents at campuses across the country, and over 400 protesters have been arrested.       Details of former tabloid publisher David Pecker's involvement in Donald Trump's alleged hush money trial came to light in court Thursday. Pecker took the stand for his third day of testimony, and said he arranged to buy the story surrounding Trump's alleged affair with Playboy model Karen McDougal for $150,000, but backed out of the deal after consulting with election lawyers, believing the payment may break the law. Court is set to resume this morning.       Secretary of State Antony Blinken is heading back home from China after three days of meetings with Chinese officials. Blinken called his three-hour meeting with Chinese Foreign Minister Wang Yi "extensive and constructive." Wang said a "major question" between the U.S. and China is if the two countries should "keep to the right direction of moving forward with stability" or if they're going to "return to a downward spiral."        Tennessee Governor Bill Lee says he plans to sign a bill that would allow teachers to carry guns. The State House passed the bill along party lines earlier this week, and on Thursday Lee confirmed he plans to sign the bill into law.       The first night of the 2024 NFL Draft had its fair share of offensive players fly off the board. A record 23 offensive players were taken in the first round. The Chicago Bears kicked off the night by selecting USC quarterback Caleb Williams with the first overall pick.        Colombia has become the first country to restrict the import of U.S. beef due to cows testing positive for bird flu. The USDA announced on its website this week that the South American country is banning beef products from cattle slaughtered in eight U.S. states where dairy cows have tested positive for the avian influenza.        

Old News Archives