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.

 

President Trump says the tariffs imposed on other countries are having the desired effect, and he's now open to negotiations. Speaking to reporters aboard Air Force One, Trump said his initial tariff plan is over, and he's watching it settle in. He said every country has called, asking to cut a trade deal with the U.S. to avoid the tariffs.        Stocks are closing sharply lower one day after President Trump announced sweeping global tariffs. The S&P 500 had its worse day since 2020 as the White House announced a baseline tariff rate of ten-percent against most countries yesterday that will go into effect on Saturday. At the closing bell, the Dow Jones Industrial Average fell by 16-79 to 40-545. The S&P 500 lost 274 points to 53-96. The Nasdaq lost 10-50 points to 16-550.        A multi-day severe weather event is unfolding for more than 55-million people. It comes after at least seven people were killed in the South Central U.S. after storms that included several tornadoes hit the region yesterday. Tonight, there is still a tornado threat for the same areas, but forecasters warn there could also be potentially catastrophic flooding in the Mid-South and Midwest.        The Federal Aviation Administration is offering more support to air traffic controllers at Reagan National Airport. The Critical Incident Stress Management team will be meeting with airport personnel sometime early this month. The FAA is also reviewing the arrival rate at the airport and will conduct regular wellness checks.        The Senate has confirmed Dr. Mehmet Oz as administrator of the Centers for Medicare and Medicaid Services. The television personality was confirmed on a party-line vote of 53-45. Oz now assumes a role that provides health insurance to roughly 160 million Americans.        Steven Spielberg and George Lucas top the latest Forbes list of celebrity billionaires. The latest Forbes ranking of the world's wealthiest people includes 18 celebrities, with film director Steven Spielberg topping the list at five-point-three-billion dollars. Star Wars creator George Lucas is in second place with a net worth of five-point-one-billion dollars.       

Old News Archives