La. Admin. Code tit. 42 § III-2703

Current through Register Vol. 50, No. 6, June 20, 2024

Section III-2703 - Accounting Records

A. The following requirements shall apply throughout this Chapter.

1. Each licensee and casino operator, in such manner as the division may approve or require, shall keep accurate, complete, legible, and permanent records of all transactions pertaining to revenue that is taxable or subject to fees under the Act.

2. Each licensee and casino operator shall keep records of all transactions including, but not limited to, contracts or agreements with suppliers/vendors, contractors, consultants, attorneys, accounting firms; accounts/trade payable files; insurance policies; and bank statements, reconciliations and canceled checks or legible copies thereof.

3. Each licensee and casino operator that keeps permanent records using a computer or microfiche system shall, upon request, immediately provide division agents with a detailed index to the microfiche or computer record that is indexed by casino department and date, and provide the division agent with access to a computer or microfiche reader. Only documents which do not contain original signatures required by these rules may be kept in a microfiche or computer system.

B. Each licensee and casino operator shall keep general accounting records on a double entry system of accounting, with transactions recorded on a basis consistent with generally accepted accounting principles, maintaining detailed, supporting, subsidiary records, including but not limited to:

1. records identifying:

a. revenues by day;

b. expenses;

c. assets;

d. liabilities;

e. equity for the establishment; and

f. admissions, or if approved by the division, reasonable estimates of admissions;

2. records of all markers, IOU's, returned checks, hold checks, or other similar credit instruments;

3. individual and statistical game records to reflect drop, win, and the percentage of win to drop by table for each table game, and to reflect drop, win, and the percentage of win to drop for each type of table game, for each day or other accounting periods approved by the division and individual and game records reflecting similar information for all other games, including slots;

4. slot analysis reports comparing actual hold percentage to theoretical hold percentage for each machine;

5. records required by the internal controls;

6. journal entries and all work papers, electronic or manual, prepared by the licensee or casino operator and their independent accountant;

7. records supporting the accumulation of the costs for complimentary services and items. A complimentary service or item provided to patrons in the normal course of business shall be expended at an amount based upon the full cost of such services or items to the licensee or casino operator;

8. gaming chip and token perpetual inventory records which identify the purchase, receipt, and destruction of gaming chips and tokens from all sources, and any other necessary adjustments to the inventories. The recorded accountability shall be verified by physical counts at least once per year;

9. work papers supporting the daily reconciliation of cash and cash equivalent accountability;

10. financial statements and supporting documents; and

11. any other records the division requires.

C. Each licensee and casino operator shall create and maintain records sufficient to accurately reflect gross income and expenses relating to its gaming operations.

D. If a licensee or casino operator fails to keep the records used to calculate gross and net gaming revenue, or if the records are not adequate to determine these amounts, the division may compute and determine the amount of gross gaming revenue, net gaming proceeds, or net slot machine proceeds based on an audit and statistical analysis conducted by the division.

E. The division may review or take possession of records at any time.

La. Admin. Code tit. 42, § III-2703

Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 38:1628 (July 2012).

AUTHORITY NOTE: Promulgated in accordance with R.S. 27:15 and 24.