Anticipated Lottery Profits on “Irreversible Track” to Break Record
Newly Adjusted Estimate of $947 Million Puts Lottery in Line to Exceed 2006 Record Profit
Treasurer Steven Grossman today announced that the Massachusetts State Lottery’s projected profit for 2012 has increased to $947 million following strong sales for the first ten months of the fiscal year, providing a sure sign that the Lottery will surpass the past record of $951 million in profit set in 2006. The new figure, based on game sales-to-date and budget projection estimates, is $53 million higher than the $894 million on which the Commonwealth’s Fiscal Year 2012 budget is based.
“There is no doubt in my mind that the Lottery is going to have a record-setting year in terms of profit – we’re on an irreversible track,” said Grossman, who as Treasurer serves as the Lottery Chairman. “This is great news for the cities and towns that depend on Lottery revenue for critical local services, such as senior services, road and bridge infrastructure, and public safety.”
Grossman noted that sales-to-date in fiscal year 2012 are a full $250 million higher than at this point in fiscal year 2011. He cited solid customer-oriented management and an innovative approach toward promotions for the uptick in sales, along with adjustments to several existing games and a host of new offerings that have been added to the Lottery portfolio that have generated a high degree of customer interest.
The Massachusetts State Lottery, which was created 40 years ago to generate much-needed local aid revenues for the Commonwealth’s 351 cities and towns, generates approximately $4.5 billion in sales annually. Since 1972, the Lottery has returned more than $18.8 billion in net profit to the Commonwealth.
For more information about the Lottery, visit: www.masslottery.com.