CASKET JACKPOT FOR QUEENSLAND CHILDREN
Published Monday, 16 April, 2007 at 12:03 PM
JOINT STATEMENT
Premier and Minister for Trade
The Honourable Peter Beattie
Deputy Premier, Treasurer and Minister for Infrastructure
The Honourable Anna Bligh
Queensland children are the big winners from a $530 million partnership between the Golden Casket Lottery Corporation and Tattersall’s, Premier Peter Beattie and Deputy Premier and Treasurer Anna Bligh announced today.
Mr Beattie and Ms Bligh announced that proceeds from an agreement for Tattersall’s to manage Golden Casket and to operate lotteries will be allocated to the State’s new 400-bed Children’s Hospital.
“The new hospital will be the nation’s largest and most advanced. It will be for all Queenslanders and a lasting legacy of what the Golden Casket has done for this State,” Mr Beattie said.
“It also means that money that would have been spent meeting borrowings will be freed up for other health needs, such as employing doctors and nurses.
“In addition to the $530 million, we are today announcing our negotiations have resulted in Tattersall’s making a $10 million contribution to be shared between the Starlight, Royal Children’s Hospital and Mater Children’s foundations.”
While retaining State control and keeping the Golden Casket’s head office in Brisbane, the $530 million agreement allows Tattersall’s to:
• operate Golden Casket’s lottery business until 2072 – (under an exclusive licence until 2016), and
• use the Golden Casket brand in Queensland.
Mr Beattie said the agreement, would see
? the State Government retain ownership of the iconic Golden Casket brand and the Lottery Licence,
? creation of Australia’s leading lottery provider, with annual sales of more than $2 billion across five states and territories – half of all lotteries sold across Australia.
? Tattersall’s base its new national and international lottery headquarters in Brisbane.
? A strengthening of Golden Casket’s position in Queensland while creating national and international growth opportunities.
Ms Bligh said that the State will continue to receive lottery taxes ($185 million last year).
In addition, the new arrangement will release $140-150 million in surplus cash currently held by Golden Casket back to Government. This will provide up to $680 million to substantially fund the new approximately $700 million Children’s Hospital.
“Today, Golden Casket begins the next step in its 90-year history while staying true to its origins of making a positive difference.”
“Lottery ticket buyers will not notice any change. Prices, draws and dividends remain unchanged.
Golden Casket’s more than 200 staff will roll over all existing entitlements and have been assured there will be no forced redundancies within the first three years of the new operation.
Agents are winners, too. Ms Bligh said the government has delivered greater security for the state’s 1200 lottery agents.
“Under the new arrangements, all current ‘Five Year’ agency agreements will be extended out to 2012. ‘Life of Business’ agreements will remain.
“Tattersall’s and Golden Casket have also committed to providing updated agency terminal infrastructure, as part of an ongoing commitment to developing the lottery business in Queensland.
“It’s a good deal for the Government, Golden Casket staff and agents and the people of Queensland.”
Ms Bligh said the new headquarters of Tattersall’s national and international lotteries business will oversee all its operations, including Golden Casket, Tattersall’s Sweeps in Victoria, Tasmania, Northern Territory and the ACT, and Tattersall’s overseas lottery operations.
“Golden Casket’s existing Chief Executive, Bill Thorburn will head the lottery operations and other senior lotteries executives will be based in Queensland.”
Ms Bligh said now is the right time for the Government to partner with the private sector to reposition Golden Casket for expected new challenges such as increasing competition for the entertainment dollar, licence reviews, technological innovation and possible industry consolidation.
“We reviewed the strategic options for Golden Casket with ABN AMRO and other independent advisors and this deal was seen as clearly the best fit,” she said.
Extended operating licenses are not unusual in the gaming industry. For example, UNITAB operates under a 99-year licence and casinos are on-going.
Ms Bligh said: “The State will also continue to control game regulation through the Queensland Office of Gaming Regulation and the company will continue its strong commitment to responsible lottery play.”
16 April, 2007
Media contacts:
Premier’s Office – (07) 3224 4500
Deputy Premier’s Office – (07) 3224 4379
BACKGROUND:
The gamble of the Ryan Labor Government changed Queensland’s history. The Golden Casket gave a relatively poor and underpopulated state the opportunity to have public health and welfare services otherwise beyond their means.
In 1917, the Ryan Labor Government established the Golden Casket lottery, initially for the purpose of raising funds for the Australian Soldiers Repatriation Fund. In 1920 the Government took over the running of the casket and announced that the financial proceeds were to be used for ‘noble causes’ including aiding public hospitals.
Between 1920 and 1930, the Motherhood, Child Welfare and Hospital Fund was given 2,123,423 pounds from the profits of the Golden Casket – equivalent to over $300m in today’s money.
Despite its impressive history, the Hospital, Motherhood and Child Welfare Fund was abolished by the Bjelke Petersen Government in 1975. Instead all profits from the Golden Casket were placed into a new Cultural Capital Development Fund to finance the cultural centre at South Bank.
A new Queensland Centre for Mothers and Families will be established as part of the Children’s Hospital.
Mr Beattie and Ms Bligh announced that proceeds from an agreement for Tattersall’s to manage Golden Casket and to operate lotteries will be allocated to the State’s new 400-bed Children’s Hospital.
“The new hospital will be the nation’s largest and most advanced. It will be for all Queenslanders and a lasting legacy of what the Golden Casket has done for this State,” Mr Beattie said.
“It also means that money that would have been spent meeting borrowings will be freed up for other health needs, such as employing doctors and nurses.
“In addition to the $530 million, we are today announcing our negotiations have resulted in Tattersall’s making a $10 million contribution to be shared between the Starlight, Royal Children’s Hospital and Mater Children’s foundations.”
While retaining State control and keeping the Golden Casket’s head office in Brisbane, the $530 million agreement allows Tattersall’s to:
• operate Golden Casket’s lottery business until 2072 – (under an exclusive licence until 2016), and
• use the Golden Casket brand in Queensland.
Mr Beattie said the agreement, would see
? the State Government retain ownership of the iconic Golden Casket brand and the Lottery Licence,
? creation of Australia’s leading lottery provider, with annual sales of more than $2 billion across five states and territories – half of all lotteries sold across Australia.
? Tattersall’s base its new national and international lottery headquarters in Brisbane.
? A strengthening of Golden Casket’s position in Queensland while creating national and international growth opportunities.
Ms Bligh said that the State will continue to receive lottery taxes ($185 million last year).
In addition, the new arrangement will release $140-150 million in surplus cash currently held by Golden Casket back to Government. This will provide up to $680 million to substantially fund the new approximately $700 million Children’s Hospital.
“Today, Golden Casket begins the next step in its 90-year history while staying true to its origins of making a positive difference.”
“Lottery ticket buyers will not notice any change. Prices, draws and dividends remain unchanged.
Golden Casket’s more than 200 staff will roll over all existing entitlements and have been assured there will be no forced redundancies within the first three years of the new operation.
Agents are winners, too. Ms Bligh said the government has delivered greater security for the state’s 1200 lottery agents.
“Under the new arrangements, all current ‘Five Year’ agency agreements will be extended out to 2012. ‘Life of Business’ agreements will remain.
“Tattersall’s and Golden Casket have also committed to providing updated agency terminal infrastructure, as part of an ongoing commitment to developing the lottery business in Queensland.
“It’s a good deal for the Government, Golden Casket staff and agents and the people of Queensland.”
Ms Bligh said the new headquarters of Tattersall’s national and international lotteries business will oversee all its operations, including Golden Casket, Tattersall’s Sweeps in Victoria, Tasmania, Northern Territory and the ACT, and Tattersall’s overseas lottery operations.
“Golden Casket’s existing Chief Executive, Bill Thorburn will head the lottery operations and other senior lotteries executives will be based in Queensland.”
Ms Bligh said now is the right time for the Government to partner with the private sector to reposition Golden Casket for expected new challenges such as increasing competition for the entertainment dollar, licence reviews, technological innovation and possible industry consolidation.
“We reviewed the strategic options for Golden Casket with ABN AMRO and other independent advisors and this deal was seen as clearly the best fit,” she said.
Extended operating licenses are not unusual in the gaming industry. For example, UNITAB operates under a 99-year licence and casinos are on-going.
Ms Bligh said: “The State will also continue to control game regulation through the Queensland Office of Gaming Regulation and the company will continue its strong commitment to responsible lottery play.”
16 April, 2007
Media contacts:
Premier’s Office – (07) 3224 4500
Deputy Premier’s Office – (07) 3224 4379
BACKGROUND:
The gamble of the Ryan Labor Government changed Queensland’s history. The Golden Casket gave a relatively poor and underpopulated state the opportunity to have public health and welfare services otherwise beyond their means.
In 1917, the Ryan Labor Government established the Golden Casket lottery, initially for the purpose of raising funds for the Australian Soldiers Repatriation Fund. In 1920 the Government took over the running of the casket and announced that the financial proceeds were to be used for ‘noble causes’ including aiding public hospitals.
Between 1920 and 1930, the Motherhood, Child Welfare and Hospital Fund was given 2,123,423 pounds from the profits of the Golden Casket – equivalent to over $300m in today’s money.
Despite its impressive history, the Hospital, Motherhood and Child Welfare Fund was abolished by the Bjelke Petersen Government in 1975. Instead all profits from the Golden Casket were placed into a new Cultural Capital Development Fund to finance the cultural centre at South Bank.
A new Queensland Centre for Mothers and Families will be established as part of the Children’s Hospital.