National Lottery for Turks and Caicos Islands

Tuesday, January 27, 2004

PROVIDENCIALES, Turks & Caicos Islands: The Turks and Caicos Islands will this year introduce a national lottery which will inject approximately $45 million annually into the economy, Chief Minister Michael Misick announced.

The lottery will be managed on a revenue sharing basis by Leeward Islands Lottery Holding Company Inc. (LiLHCo), which also operates lotteries in Barbados, Antigua, St. Lucia, Bermuda, and the US Virgin Islands. It is a privately owned Company controlled by multi-millionaire Robert B. Washington, Jr., Robert "Bob" Johnson, one of the first Black billionaires and founder, Chairman and CEO of Black Entertainment Television and world-famous lawyer Johnnie Cochran. 

Misick said his government signed a deal to operate the lottery to help solve some of the problems caused by insufficient revenue generation. 

"Over the past twelve years, the Turks & Caicos Islands have been trapped in a situation whereby more than 50 percent of its recurrent revenues have gone toward the payment of salaries and wages for the public service. In some years the salary component has exceeded seventy percent of the budgeted recurrent revenues. It goes without saying that this most undesirable situation has placed an undue burden on the Government's cash flows thereby causing vital areas of the social services to be neglected," he said, adding that lottery proceeds will go towards scholarships and the development of sports and culture.

Misick said that because of Government's lack of funds, efforts to improve remunerations for the Civil Service have been stifled, infrastructure improvements continue to lag, and educational and health services have suffered drastically.

"A quick observation of the health and educational facilities throughout the Turks & Caicos Islands would reveal that they are in dire need of upgrading and in some cases complete revamping," he said.

"We consider our ability to target an identifiable source of funds to be dedicated to the sports and the educational sectors to be a major achievement and another promise fulfilled, as it is consistent with our campaign pledge to improving the quality of education and sports in our country."

Misick also announced that his government has entered into an agreement with Black Entertainment Television (BET) to build and operate the first ever BET Soundstage outside of the United States. This, he said, is certainly an historic accomplishment and will certainly give the TCI opportunities to partner with BET on a number of projects. 

The first of these projects will be in July 2004 when the the TCI government in conjunction with BET will host the First Annual BET Classic Music Festival with artistes including Boyz 2 Men, Beres Hammond and Chaka Khan.

"We are pleased to partner with BET in bringing a music festival to the Turks & Caicos. This will be an annual tourist attraction and an event on our calendar of activities that will attract tourist to the country at a time when we usually go through our slow period of the tourist season. The positive exposure to be gained from an event such as this could be significant," Misick added.

He said the TCI government expects to explore other business opportunities with the principals of LiLHCo and BET, adding that those businessmen have already commenced discussions relating to the prospects of pursuing a hotel development project in the Turks & Caicos Islands. 

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