Stephens’ $50,000 backs state lottery
Posted on Tuesday, August 5, 2008
Investment banker Warren Stephens of Little Rock donated $ 50, 000 last month to Lt. Gov. Bill Halter’s committee promoting a state lottery proposal for Arkansas, a report filed Monday disclosed.
Little Rock property manager John Bailey contributed another $ 25, 000 to the Hope for Arkansas committee to increase his total to $ 425, 000.
Stephens’ contribution is an added shot in the arm for the committee, which has largely relied on the Bailey family to finance its efforts. Bailey’s father, Dr. Ted Bailey of Little Rock, has contributed $ 50, 000. Bailey’s brother, Ted Bailey of Little Rock, an apartment broker, has contributed $ 1, 000.
The report said the committee received July contributions totaling $ 75, 000 and spent $ 22, 538. 09. That increased its total contributions to $ 552, 917. 24 and its expenses to $ 485, 114. 73, leaving a balance of $ 67, 802. 51 on July 31.
Lottery foe Jerry Cox of Little Rock, president of the Arkansas Family Council Action Committee, said it’s disappointing that some of the most influential people in Arkansas are choosing to help the campaign for the proposed constitutional amendment to authorize lotteries.
“It is unfortunate they are trying to bring something to our state that I think we’ll all end up regretting down the road,” he said.
Stephens said he made the contribution because, “I think every child in Arkansas ought to have an opportunity to attend college.
“ This initiative, if successful, will give a lot of young people a chance,” Stephens said in a statement issued through Stephens spokesman Frank Thomas.
The lottery proposal says lottery proceeds will be used for college scholarships.
Stephens, son of the late financier and philanthropist Jack Stephens, owns investment banking firm Stephens Inc., the CapitalHotel and the 25-story Stephens Building, all in Little Rock. He and his cousins, W. R. “Witt” Stephens Jr. and Elizabeth Stephens Campbell, jointly own other businesses, including Stephens Production, a natural gas business based in Fort Smith; and Stephens Media Group, a Las Vegas-based media firm that owns daily and weekly newspapers in eight states.
Halter, a business consultant, said that he’s extremely grateful for Stephens’ support.
“Like many other Arkansas business leaders, he has excellent understanding of how to expand our state’s educated work force and attract the better paying jobs of the 21 st century,” Halter said. “His generous contribution will support the hopes and opportunities of future generations of Arkansans.”
Lottery foe Larry Page, executive director of the Arkansas Faith and Ethics Council, said Stephens is “putting his money where his mouth is” if he thinks a lottery is a good economic tool.
But, Page said, a state lottery is “a poor economic tool.”
“I am for scholarships, too, but I don’t want to do it on the backs on the poor,” Page said.
Last month, Secretary of State Charlie Daniels certified Halter’s proposal for the Nov. 4 ballot. The measure leaves the details of setting up the lotteries to the Legislature.
Halter has estimated the proposal could result in $ 100 million a year being raised for scholarships. But the state Department of Finance and Administration has estimated about $ 55 million a year and the Arkansas Advocates for Children and Families projected about $ 61. 5 million.
Critics maintain the proposal would open the door for casinotype video lottery machines and slot machines in Arkansas. Halter has said he opposes those options and believes the Legislature would be against them.
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