Assembly Budget Committee Chair Vincent Prieto (D-Bergen/Hudson) on Wednesday issued the following statement after the committee’s hearing on the administration’s proposal to privatize the New Jersey Lottery:
“This latest proposal to monetize one of our most profitable and well-run assets is troubling to say the least. Absent any testimony from the administration, we appear to be looking at a plan to forfeit substantial long-term revenue for a one-shot upfront payment that will hurt small business owners and deprive us of considerable revenue to serve students, veterans and the disabled.
“Privatization should be reserved for when the government cannot perform that function well on its own. In the case of our award-winning lottery system, we have one of the most efficient operations in the world.
“At the end of the day, it appears that the only one that stands to benefit from this proposal is the company chosen to take over this asset,” said Prieto.