Official says $50 million from lottery lease unlikely

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An official with a leading Wall Street investment firm says Vermont probably wouldn’t get $50 million from leasing the state lottery to a private company.

J.P. Morgan Managing Director Jeffrey Hyman testified to a House committee.

He says that, given the current state of securities markets, he doubts Vermont could get a $50 million up-front payment for allowing private investors to lease its lottery for 40 years.

Governor Jim Douglas has built that amount into his budget proposal for this year.

Douglas says he wants to use half the money for school construction and the other half for property tax relief.

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