DENVER-
A lawmaker who wants to privatize the Colorado Lottery said Thursday he is backing off the plan for now but said citizens’ groups could still try to get it placed on November’s ballot.
Sen. Chris Romer, D-Denver, floated a plan this week to sell the rights to the lottery for an estimated $2.2 billion to $2.6 billion to a private company. Some of the money would be used for veterans, college scholarships, and open space.
But Romer said legislative lawyers have ruled that it amounts to getting into debt over a period of years, which he said would erode bipartisan support for the plan.
Romer said he disagrees with the decision and could try to introduce another version next year. He said previous governors, including his father Roy Romer, have been ambivalent about having the state involved in gambling. He said that’s led to the Colorado Lottery becoming one of the lowest performing in the nation and a private firm would do a better job.
“Either we need to continue to improve the lottery or we should securitize it,” he said.
Under the plan, Colorado would have received an upfront lump payment and also would have received a share of the growth of lottery proceeds in the future.
