WyoLotto Makes First Revenue Payment
The Wyoming Lottery Corporation presented its first revenue payment to the state Tuesday morning.
WyoLotto CEO Jon Clontz presented State Treasurer Mark Gordon with a $1,120,000 check which will be distributed to cities, towns and counties.
"This goes to 23 counties and 99 communities," said Gordon. "It's almost $107,000 that's going to go to the City of Cheyenne."
"Those dollars will go right back into our general fund budget," said Mayor Rick Kaysen. "Our overall revenues are down, so this will definitely help."
Clontz says thanks to the recent $1.6 billion Powerball jackpot, WyoLotto was able to pay off its startup loan earlier than expected and make its first payment to the state three months ahead of schedule.
"The projections we had for this first transfer are about $700,000 more than we had originally thought," said Clontz. "I think that'll be true as we get to each quarterly transfer."
WyoLotto will make payments to the state on the fifth of each quarter. They hope to remit about $3 million a year to local governments.
"We want to get the money into the hands of the cities, towns and counties as quickly and as often as we can," Clontz added.