22nd of November 2012 Author: Ava Jackuard
A 20-year contract to privately manage Pennsylvania Lottery has attracted a single bidder: Camelot Global Services PA L.L.C. a subsidiary of UK National Lottery operator Camelot, which could get the contract by the end of the year, after due diligence on criminal background and financial history, said the State Department of Revenue this week.
In addition, the department said it will also weigh up past and projected lottery performance against what Camelot is offering to ensure growth in profit above what it could achieve on its own. Apparently, Camelot has offered $ 34 Billion in profits over the 20 years, and for the contract it will pay a consideration of $50 million, which the State will keep even if Camelot decides to withdraw from the contract at any point.
Last year's ticket sales of the State-run lottery reportedly amounted to $3.2 Billion, with all proceeds, amounting to around $ 1 Billion, being spent on funding programmes that benefit the elderly.
"The receipt of a priced bid represents an important milestone in this process. While there are several additional steps before we'll be prepared to make a final decision ... it is encouraging to see the potential private manager propose 20 years of significant profit growth," said Revenue Secretary Dan Meuser.
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