Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Required capital investment
Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 13, TITLE 2
§ 1315. Required capital investment. 1. The board shall establish the
minimum capital investment for a gaming facility by zone and region.
Such investment shall include, but not be limited to, a casino area, at
least one hotel and other amenities; and provided further, that the
board shall determine whether it will include the purchase or lease
price of the land where the gaming facility will be located or any
infrastructure designed to support the site including, but not limited
to, drainage, utility support, roadways, interchanges, fill and soil or
groundwater or surface water contamination issues. The board may
consider private capital investment made previous to the effective date
of this section, but may, in its discretion, discount a percentage of
the investment made. Upon award of a gaming license by the commission,
the applicant shall be required to deposit ten percent of the total
investment proposed in the application into an interest-bearing account.
Monies received from the applicant shall be held in escrow until the
final stage of construction, as detailed in the timeline of construction
submitted with the licensee's application and approved by the
commission, at which time the deposit plus interest earned shall be
returned to the applicant to be applied for the final stage. Should the
applicant be unable to complete the gaming facility, the deposit shall
be forfeited to the state. In place of a cash deposit, the commission
may allow for an applicant to secure a deposit bond insuring that ten
percent of the proposed capital investment shall be forfeited to the
state if the applicant is unable to complete the gaming facility.

2. Each applicant shall submit its proposed capital investment with
its application to the board which shall include stages of construction
of the gaming facility and the deadline by which the stages and overall
construction and any infrastructure improvements will be completed. In
awarding a license, the commission shall determine at what stage of
construction a licensee shall be approved to open for gaming; provided,
however, that a licensee shall not be approved to open for gaming until
the commission has determined that at least the gaming area and other
ancillary entertainment services and non-gaming amenities, as required
by the board, have been built and are of a superior quality as set forth
in the conditions of licensure. The commission shall not approve a
gaming facility to open before the completion of the permanent casino

3. A licensee who fails to begin gaming operations within twenty-four
months following license award shall be subject to suspension or
revocation of the gaming license by the commission and may, after being
found by the commission after notice and opportunity for a hearing to
have acted in bad faith in its application, be assessed a fine of up to
fifty million dollars.

4. The board shall determine a licensing fee to be paid by a licensee
within thirty days after the award of the license which shall be
deposited into the commercial gaming revenue fund. The license shall set
forth the conditions to be satisfied by the licensee before the gaming
facility shall be opened to the public. The commission shall set any
renewal fee for such license based on the cost of fees associated with
the evaluation of a licensee under this article which shall be deposited
into the commercial gaming fund. Such renewal fee shall be exclusive of
any subsequent licensing fees under this section.

5. The commission shall determine the sources and total amount of an
applicant's proposed capitalization to develop, construct, maintain and
operate a proposed gaming facility under this article. Upon award of a
gaming license, the commission shall continue to assess the
capitalization of a licensee for the duration of construction of the
proposed gaming facility and the term of the license.