Wyoming Lottery Choosing Lender Next Week
Aug. 9, 2013 – The nine member board in charge of getting the fledgling Wyoming Lottery off the ground by early 2014 said it will decide next week from which bank it will accept a $1 million start-up loan.
The Lottery sent requests for the funds to six banks in Wyoming at the end of July, and today is the final day for banks interested in loaning the $1 million to submit a proposal.
Two banks have already submitted proposals, and the board told the Billings Gazette they expected two more offers by the end of the day Friday.
“Whoever has the lowest fees and interest rate will get it,” said Barry Sims, Vice Chairman of the Lottery’s board.
The start-up loan will allow the board to start checking more items off its to-do-list, including finding a CEO. The search for leadership began in earnest a few days before lender requests, when a job listing was posted on lotteryinsider.com
The board told the Gazette that they’ve narrowed the list of candidates to three top prospects, whom they’ve invited to Cheyenne for interviews two weeks from now.
While estimates for the future CEO’s salary have ranged from $150,000 to $700,000 a year, the board has said they’re most likely to offer less than $250,000 a year – nearly a quarter of the start-up loan they’ll sign for next week.
The rest of the money will help complete the start-up plans. The Lottery will need to choose a vendor to create and distribute games – state lawmakers have ruled that instant games won’t be offered in Wyoming.
The board must also find retailers, and will have to hire a contractor to perform background checks on employees at an estimated 400 locations.
Finally, the board must settle on office space for the Lottery’s headquarters. They told the Gazette they’ll be visiting locations in Cheyenne in two weeks, and are looking for a high-profile location downtown.