PEI lottery funds declining

PRINCE EDWARD ISLAND – As reported by the Guardian News: "The provincial government's gambling cash cow seems to be drying up, according to the most recent report of the Island's financial health.

"In the auditor general's report on Public Accounts for the fiscal year 2005-2006 — the final ruling on the year's numbers — lottery revenue is credited with bringing in $12 million, well below the estimated $19.7 million the province had estimated it earned at the end of the budget period. The income was well below the $16.6 million the province actually earned from lotteries in 2004-05.

"Premier Pat Binns said he couldn't say why gambling revenues were down for the year, but said there seems to be a regional trend to provinces earning less from wagers.

"…Numbers from the Atlantic Lottery Corporation's 2005-06 annual report bear out the premier's feeling. The corporation reported that New Brunswick's 2006 profits were 95.8 per cent of those in 2005. Nova Scotia's 2006 profits were 92.9 per cent of the 2005 figure. Newfoundland and Labrador had 2006 profits worth 89.5 of those from 2005.

"…The problem with P.E.I.'s figures is that its lottery operations, including the CDPEC, saw operating expenses and other distributions rise by $6 million, according to the ALC…"