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This entry was published on 2022-04-22
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Required capital investment
Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 13, TITLE 2-A
§ 1321-e. Required capital investment. 1. The board shall establish
the minimum capital investment for each unawarded gaming facility
license. Such investment may include, but not be limited to, a casino
area, 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 title,
but may, in its discretion, discount a percentage of the investment
made. Upon award of a gaming license by the commission, the commission
shall require the applicant to deposit no less than five percent and no
more than ten percent of the total investment proposed in the
application into an interest-bearing account based on the liquidity of
the applicant. 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 such percent of the proposed capital investment shall be
forfeited to the state if the applicant is unable to complete the gaming

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. 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, provided however that
no licensing fee shall be less than five hundred million dollars. 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.

4. 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.