As Beacon Hill races to embrace an Industry taxpayers will support, the experience of D.C. highlights the inability of officials to effectively scrutinize business partners, as well as the decline in lottery revenues caused by competing gambling products.
Gambling dollars are limited.
Shaky businesses, suits trail D.C. Lottery partner
D.C. Lottery partner Emmanuel S. Bailey's business profile boasts of having deep political contacts at the federal and state levels, multiple businesses and "successful executive careers in finance and banking."
So it seemed a natural fit when the well-connected former Fannie Mae executive signed with Intralot, the Greek-based international gambling company that won the District's $38 million lottery contract and needed a local face to gain D.C. Council approval.
....Historically perceived as a license to print money, even the two companies who vied for the D.C. contract are lukewarm about its prospects.
Intralot Vice President Byron E. Boothe Jr. said D.C. Lottery revenues dropped from $275 million to $240 million this past year, and are expected to dip below $200 million in the coming years. The reason? The District's lottery revenues are draining into Maryland, which has approved slot machines, and - along with Virginia - has begun selling both Powerball and Mega Millions tickets.
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