Committee to consider privatizing NJ Lottery
TRENTON, N.J. (AP) - December 5, 2012 (WPVI) -- Members of the Assembly Budget Committee are slated to examine a plan to transfer management of the New Jersey State Lottery to a private company.
The state would retain ownership of the lottery under the plan. Officials have said efforts would be made to find work for 150 lottery employees under the new arrangement.
The selected vendor would be required to pay $120 million up front and sign a 15-year contract. The vendor would be responsible if revenue fell below expectations but would realize bigger profits if revenue exceeded targets.
Budget Committee Chairman Vincent Prieto plans to join small business owners and workers to discuss lottery privatization after Wednesday's hearing in Trenton.
lottery, new jersey, local/state
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