State considers plan to sell lottery system for $500 million - FOX 8 WVUE New Orleans News, Weather, Sports, Social

State considers plan to sell lottery system for $500 million

Louisiana Lottery Louisiana Lottery
BATON ROUGE, LA (WVUE) -

"Goldman Sachs and CitiGroup are great companies," Louisiana State Treasurer John Kennedy said. "But they don't have a fiduciary obligation to the taxpayers or the schoolchildren of the state."

Kennedy says the state administration is seriously considering a plan to sell the lottery system for a one time payout of nearly $500 million.

Meghan Parrish, Director of Communications for the Division of Administration says the state "never entertained the idea." Parrish says investment firms often "pitch" revenue generating ideas to the state, but that the state is not considering a plan to sell the lottery.

Kennedy says insiders tell him the plan is up for serious consideration. He says the plan does not make sense for Louisiana. Lottery proceeds go directly to preK-12 education in the state. Kennedy says those proceeds amount to about $100 million each year.

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