The Kansas Lottery announced the financial results for the fiscal year ended June 30, 2015. According to the information released, lottery and the state’s three casinos posted record revenue increases over the past twelve months.
The three state-run gambling venues generated revenue of $365 million. In comparison, their previous high was a little less than $360 million.
Revenue from traditional lottery sales amounted to $264.4 million for the twelve-month period ended June 30, up 2.66% as compared to what was posted for the 2014 fiscal year.
The state is about to have its fourth casino, as not long ago, legislators approved the launch of the so-called Kansas Crossing Casino & Hotel. The property would be located in Pittsburg and the amount of $72 million is expected to be spent on its construction. The other three state-run casinos are located in Dodge City, Kansas City, and Mulvane.
A total of $75 million of the Kansas traditional lottery proceeds were contributed to the state coffers. In addition to this, casinos contributed as much as $80.3 million for the fiscal year ended June 30, 2015. The proceeds go to the Kansas Gaming Revenues Fund.
Here it is important to note that under the current state law, the fund receives 29.5% of all proceeds from lottery sales. Furthermore, no less than 45% of the money generated need to be paid out to players.
As for the three casinos, each of those annually contributes 22% of its gaming revenue. Casino owners are allowed to keep 73% of the money generated. Over the past financial year, Mulvane-based Kansas Star Casino transferred a little less than $40 million to the Kansas general fund. In other words, the state benefited most from that particular gambling venue. The Hollywood Casino in Kansas City contributed $34.1 million to the Kansas coffers. Last but not least, Dodge City’s Boot Hill Casino generated $8.9 million for the state.
Generally speaking, the State Gaming Revenues Fund uses the first $50 million that have been transferred to it for the following causes – $80,000 go to a special fund intended to aid people with gambling addictions and problem gambling behavior. A total of 85% of the proceeds go to the so-called Economic Development Initiatives Fund. The state Juvenile Detention Facilities Fund is transferred 5% of the money generated by the Kansas lottery and casinos. And finally, 10% of the proceeds go to the Correctional Institutions Building Fund. Anything in excess of those $50 million goes to the Kansas General Fund.
