Iowa went private with retail operations of wine in 1985, and liquor in 1987.

West Virginia privatized liquor retail operations in 1991.

Both states earned less than $20 million each. Operational costs were greatly reduced, but the expected windfalls never materialized.

In 1986, $71.6 million net profit was sent to Iowa coffers. In 1987 – $43.6 million. Cash flow did not return to pre-privatization levels until 2004. They chose to retain wholesale operations, because they would have lost $60-70 million/year.

http://www.pennlive.com/editorials/index.ssf/2010/12/dont_toast_yet_to_pa_liquor_st_1.html:

http://voices.washingtonpost.com/virginiapolitics/2010/09/as_we_reported_this_weekend.html:

In 2004, Maine picked up a quick $125 million for a 10 year lease of their wholesale operations, but since, has lost over $100 million in profits due to revenue sharing with the wholesale distributor.

http://www.mainebiz.biz/article/20110725/CURRENTEDITION/307259998:

In 2012, we know that Washington was also dreaming billions. They only earned $150 million for wholesale rights, $30.8 million for their existing stores, and a new liquor/wine/beer license only costs $166.00.

Last month, the governor’s windfall estimate was $1.6 billion. Today it is $1.0 billion. He is going in the right direction. But ironically, the governor’s billion dollar number and the real market comparables are both deal killers.

http://www.psea.org/general.aspx?id=10146