PROVIDENCE, R.I.—Wall Street bankers are trying to persuade Rhode Island officials to lease the state lottery.
One investment bank pitched a $950 million lease. That could go a long way toward covering state budget deficits.
But a spokesman for Gov. Carcieri says they are unlikely to support such an idea, arguing that it would only solve a short-term budget fix.
The state is facing budget shortfalls of $150 million this year and $450 million next year.
Rhode Island's lottery generated $1.8 billion in net revenue last year.
More than a dozen states have been approached about privatizing their lotteries. Investors like lotteries because of their steady revenue streams.
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Information from: The Providence Journal, http://www.projo.com/
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