La. Admin. Code tit. 42 § III-2736

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

Section III-2736 - Treatment of Credit for Computing Net Gaming Proceeds

A. Net gaming proceeds shall include the amount of gaming credit extended to a patron when wagered.

1. The casino operator or casino manager may take a deduction against credit extended for credit instruments and checks, which are uncollectable subject to an annual cap of 4 percent of gross revenue as defined in R.S. 27:205.

B. Each licensee and casino operator shall include in net gaming proceeds all or any portion of an unpaid balance on any credit instrument if the original credit instrument or a substituted credit instrument is not available to support the outstanding balance.

C. A licensee and casino operator shall include in net gaming proceeds the unpaid balance of a credit instrument even if the licensee eventually settles the debt for less than its full amount. The settlement shall be authorized by a person designated to do so in the internal controls, and a settlement agreement shall be prepared within 10 days of the settlement. The agreement shall include:

1. the patron's name;

2. the original amount of the credit instrument;

3. the amount of the settlement stated in words;

4. the date of the agreement;

5. the reason for the settlement;

6. the signatures of the licensee's employees who authorized the settlement; and

7. the patron's signature or in cases when the patron's signature is not on the settlement agreement, documentation which supports the licensee's attempt to obtain the patron's signature.

D. A licensee and casino operator shall include in net gaming proceeds all money and the net fair market value of property or services received by the licensee in payment of credit instruments unless the full dollar amount of the credit instrument was previously included in the calculation of net gaming proceeds.

La. Admin. Code tit. 42, § III-2736

Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 38:1654 (July 2012).

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