INDIANAPOLIS — The Hoosier Lottery Commission has restructured its contract with a private vendor after two years failing to meet revenue goals.
The (Fort Wayne) Journal Gazette reports (http://bit.ly/1IOh2d1 ) the commission on Friday redid its contract with GTECH Indiana and cut by nearly $100 million a revenue goal the company promised to meet in a 2012 bidding process.
GTECH's new minimum goal for fiscal year 2016 is $270 million, with an extra incentive goal of $290 million. The original agreement called for a goal of $365 million in 2016.
GTECH also agreed to lower its annual management fee and give the state a one-time, lump-sum payment of $18.25 million.
Lottery revenue this year is expected to drop to $243 million after GTECH pays a $16 million shortfall payment.
Information from: The Journal Gazette, http://www.journalgazette.net