Pa. Lays Out Conditions For State Lottery Privatization

Law360, Philadelphia (November 9, 2012, 4:09 PM EST) -- The Pennsylvania Department of Revenue on Friday announced key terms it would use to guide the state’s efforts to privatize the Pennsylvania Lottery, including a condition that would force any private manager to pay $150 million in cash up front as collateral.

The department said it would use the conditions — which would also include profit benchmarks over the course of a 20-year contract and allow the commonwealth to retain ownership and control of the lottery’s operations — as a metric for evaluating bidders to take...
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