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Tue October 9, 2012
In down economy, RI’s net gambling revenue grows by almost 23M over last year
No matter that casinos are on the horizon in Massachusetts, and Foxwoods is facing an uncertain future. The Rhode Island Lottery’s latest contribution to the state general fund is $377.7 million, almost $23 million more than the previous year, according to a legislative news release:
Video lottery accounted for $320.8 million or 84% of total gross profit.
Net video lottery revenue increased approximately 7.1% compared to the prior year. On-line and Instant Ticket revenue also increased 7.9% and 8.7%, respectively, over prior year amounts. The Lottery’s operating expenses totaled approximately $6.2 million for the year ended June 30, 2012.
Twin River and Newport Grand are spending big in hopes of convincing voters this November to expand their offerings.
We don’t want to be a Debbie Downer. Still, one has to wonder: at what point does a saturated gambling market across southern New England result in smaller pieces of the pie all around?