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N.Y. governor looks to gambling to close budget gap

ALBANY, New York -- As reported by the (Binghamton) Press & Sun-Bulletin: "Gov. David Paterson is seeking a major expansion of gambling in New York, proposing to let the state enter more multi-state lotteries and increase the hours of operation for Quick Draw games and video-lottery parlors.

"Paterson would also let the state Lottery more aggressively invest the $1.3 billion lottery fund used to pay jackpot winners. Currently, the state Lottery invests in conservative U.S. Treasury notes, which have historically garnered about 4 percent in interest a year.

"But lottery officials, particularly when the economy improves, believe that they can get better returns by hiring a private investment firm to manage the money.

"With the state facing a $15.4 billion deficit in the 2009-10 fiscal year, which starts April 1, Paterson is seeking a gambling expansion that budget officials estimate could bring in an additional $308 million into the state's coffers over the next two years..."

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