12th of November 2012 Author: Glo Wood
Following discussions with bidders on ideas for the Pennsylvania Lottery profits boost, which may involve an online lottery offering in the future, Governor Tom Corbett's administration released key terms for a potential Private Management Agreement (PMA) for the lottery.
The key terms establish that the ownership and control of the Lottery will remain with the State of Pennsylvania, but that the management of the lottery is under review so the successful bidder will be in charge of providing annual profit commitments for the next twenty years. The profits, it was specified, would be used for funding of the state's programs for the elderly.
Apart from the request that the successful bidder, or private manager, would need $150 million up-front cash collateral to operate under the twenty-year agreement, the key terms also include provisions that this period may be extended for another ten years based on performance, envisage private manager compensation, personnel plans and employee transition strategy and implementation of industry best practices for responsible sales growth including monitor-based games and Internet products.
At the moment, the governor's administration is looking into bidders' business plans, trying to make a final decision on whether to enter into a PMA.
According to Revenue Secretary Dan Meuser, "First we had to understand and decide upon exactly what we'd require and expect from a private manager, and now that we have that basis, we can start to evaluate how qualified bidders react to the proposal and plan to improve Lottery operations.
"This is a careful, iterative process where each decision impacts the next step, and there are a number of 'next steps' to consider in coming weeks, including contractually mandated dialogue with the union representing Lottery employees, before we can determine if a PMA is in the best interest of the Lottery and the seniors who benefit from Lottery-funded programs and services."
Bingo Society News General Bingo News
22nd of November 2012
15th of February 2013
17th of March 2019
16th of March 2019
7th of February 2019
16th of February 2019
13th of January 2019
Join now for full access to our online casino forum/chat plus receive our newsletter with news & exclusive bonuses every month.
Disclaimer Contact Us Privacy Terms and Conditions Gambling Help About Us Site Map Trusted Portals
LatestBingoBonuses.com © 2006-2019
Enter your email adress:
T&C's Apply. 18+
Do not show this again
You have been successfully subscribed to receive LBB newsletter!