How is the NY Lottery doing in this recession?
NY lottery sets record in sales The state lottery has set a record-high in sales, despite the noticeable impact of the recession, the lottery’s director said on Friday. The lottery recorded $7.66 billion in revenue for the 2008-09 fiscal year, which ended March 31. It’s the ninth-straight year that the lottery has set new records in sales. The lottery posted a $2.54 billion profit on those sales, which went toward education funding. That represents a 0.4 percent drop from profits in the previous fiscal year. Lottery operations, including advertising and printing costs, take up less than 4 percent of total sales. All results are unaudited. The lottery is based in Schenectady. “We’re quite proud of this year’s results, especially given the weak economy and the constraints on the lottery’s resources,” said Gordon Medenica, the lottery’s director. “Sales weakened considerably in the last quarter, so we are focused on regaining our momentum this year.” Gambling at Saratoga Gaming and Racewa
