La. Admin. Code tit. 42 § III-2713
Current through Register Vol. 50, No. 6, June 20, 2024
Section III-2713 - Cash Reserve and Bonding RequirementsA. Each licensee and casino operator shall maintain in cash or cash equivalent amounts sufficient to protect patrons against defaults in gaming debts owed by the licensee or casino operator. The licensee or casino operator shall use the appropriate calculation below: 1. Licensed Eligible Facility SLOTS: | Non-progressive: Number of Machines x $50 = _____ |
| Progressive: Total of all in house progressive jackpots:______ |
OTHER: | Operating Accounts Payable:_____ (amount equal to two weeks payables) |
| Payroll for Two Weeks :_____ |
| Debt Service for One Month:____ |
TOTAL REQUIREMENTS:______ |
CASH RESERVE COMPRISED OF |
| Cash in Cage :_____ Cash in Banks, TCD, Savings, etc.:_____ Entity's Cash on Hand (Do not include slot machine bucket cash):_____ Less: Safekeeping Money (_____) |
TOTAL CASH RESERVE AVAILABLE:_____ |
2. Casino Operator - in accordance with the internal controls.3. Riverboat GAMES: | All Table Games |
| Number of games X table limit average X $50 = _____ |
SLOTS: | Non-progressive: |
| Number of Machines X $50 =_____ |
| Progressive: |
| Total of all in house progressive jackpots = _____ |
KENO: | Number of Games X $25,000 =_____ |
| (or game limit, whichever is smaller) |
OTHER: | Operating Accounts Payable =_____ |
| (amount equal to two weeks payables) |
| Payroll for Two Weeks =_____ |
| Debt Service for One Month =_____ |
TOTAL REQUIREMENTS: |
CASH RESERVE COMPRISED OF |
| Cash in Cage: |
| Cash in Banks, TCD, Savings, etc.= _____ |
| Casino Cash on Hand (Do not include slot machine bucket cash) |
| Less: Safekeeping Money (_____) |
TOTAL CASH RESERVE AVAILABLE |
a. For the purposes of this Section, table limit average shall be defined as the sum of the highest table limit set for each and all tables during the calendar month, divided by the total number of tables. All tables shall be included in the calculation whether they are opened or closed.B. Each licensee and casino operator may submit its own procedure for calculating its cash reserve requirement for approval by the division in writing prior to implementation. After approval of the licensee's or casino operator's procedure, division approval must be issued prior to reverting to the calculation provided in Subsection A of this Section.C. Each licensee and casino operator shall submit monthly calculations of its cash reserve to the division no later than 30 days following the end of each month.D. Cash equivalents are defined as all highly liquid investments with an original maturity of 12 months or less and available unused lines of credit issued by a federally regulated financial institution as permitted in Chapter 25 and approved pursuant to that Chapter. Approved lines of credit shall not exceed 50 percent of the total cash reserve requirement. Any changes to the initial computation submitted to the division shall require the licensee or casino operator to resubmit the computation with all changes delineated therein including a defined time period for adjustment of the cash reserve account balance (e.g., monthly, quarterly, etc.).E. Each licensed eligible facility and riverboat shall be required to secure and maintain a bond from a surety company licensed to do business within the state of Louisiana that ensures specific performance under the provisions of the Act for the payment of taxes, fines and other assessments. The amount of the bond shall be set at $250,000 unless the division determines that a higher amount is appropriate. The licensed eligible facility and riverboat shall submit the surety bond to the division prior to the commencement of gaming operations.La. Admin. Code tit. 42, § III-2713
Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 38:1631 (July 2012).AUTHORITY NOTE: Promulgated in accordance with R.S. 27:15 and 24.