21st of June 2013 Author: Ava Jackuard
Partial privatization of the $2.8 billion state lottery pushed by the New Jersey governor Chris Christie occurred this week despite the strong opposition from political, retail outlet and trade union quarters. Signing of the 15 year deal with Northstar has been announced on Friday attracting a lot of attention.
Northstar was the sole bidder for the deal, offering to make an advance $120 million payment to the state. Services are projected to begin in October, the gaming company stated in its announcement.
The Christie administration's decision to partially privatise the lottery will remain the hot topic, as the Communications Workers of America trade union has already expressed their intention to challenge the deal. At the same time, objections have been voiced by the Democrats in the state legislature and convenience store owners affected by the recent developments.
Northstar NJ is a joint venture in which GTech and Ontario Municipal Employees Retirement System each own about 41 percent of the company, with Scientific Games owning about 18 percent.
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