N.M. Admin. Code § 15.1.24.15

Current through Register Vol. 35, No. 21, November 5, 2024

Section 15.1.24.15 - DISCONTINUANCE OF PROGRESSIVE GAMING MACHINE

A. A racetrack gaming operator licensee shall not discontinue availability of a progressive gaming machine until all of the advertised progressive payouts or prizes, or both, have been awarded. The executive director may approve transfer of a progressive payout or prize, or both, from a progressive gaming machine to another progressive device that is licensed to the same or another licensee.

B. If a racetrack gaming operator licensee files for bankruptcy or ceases operations permanently, the board may allow the transfer of any progressive gaming machine to another licensee making sure to maintain the integrity of the amount shown on the progressive meter. The amount of the progressed liability must be paid by certified check to the licensee assuming the progressive amount.

C. In addition to the requirements outlined for progressive machines, the vendor operating the multi-link progressive system shall submit a written plan for discontinuance and receive approval from the board prior to discontinuing any multi-link progressive system. The plan shall include the projected discontinuance date, detailed accounting of the multi-link progressive system fund including any outstanding expenses and fees due the vendor for operating the system, in accordance with the vendor's written agreement with licensees, the distribution of the fund balance, and the final reporting requirements of the system. The final distribution amount is transferred to another multi-link progressive system operated by the vendor or disbursed in a manner approved by the board. The final distribution amount is the fund balance less the cost of paying the current jackpot less any outstanding expenses and fees due the vendor for operating the multi-link progressive system.

N.M. Admin. Code § 15.1.24.15

15.1.24.15 NMAC - N, 5/31/00; A, 5/15/07