TITLE 15 GAMBLING AND
LIQUOR CONTROL
CHAPTER 1 GAMES AND GAMING
GENERAL PROVISIONS
PART 8 ACCOUNTING
REQUIREMENTS UNDER THE GAMING CONTROL ACT
15.1.8.1 ISSUING
AGENCY: New
Mexico Gaming Control Board.
[12/31/98; 15.1.8.1 NMAC - Rn, 15 NMAC 1.8.1,
10/15/00]
15.1.8.2 SCOPE:
This rule applies to all gaming operator licensees or applicants for
gaming operator licenses under the New Mexico Gaming Control Act.
[12/31/98; 15.1.8.2 NMAC - Rn, 15 NMAC 1.8.2,
10/15/00]
15.1.8.3 STATUTORY AUTHORITY: Section 60-2E-7(B)(3)
of the Gaming Control Act authorizes the board to develop, adopt and promulgate
all regulations necessary to implement and administer the provisions of the
Gaming Control Act. Sections 60-2E-8(C)(9) and 60-2E-8(C)(12) of the Act require that the Gaming
Control Board prescribe accounting procedures and financial reporting and
internal control requirements for licensees.
[12/31/98; 15.1.8.3 NMAC - Rn, 15 NMAC 1.8.3,
10/15/00]
15.1.8.4 DURATION: Permanent.
[12/31/98; 15.1.8.4 NMAC - Rn, 15 NMAC 1.8.4,
10/15/00]
15.1.8.5 EFFECTIVE DATE: December 31, 1998, unless a later date is
cited at the end of a section.
[12/31/98; 15.1.8.5 NMAC - Rn, 15 NMAC 1.8.5,
10/15/00; A, 12/28/01]
15.1.8.6 OBJECTIVE: This rule establishes standards for
accounting, financial reporting, and internal control requirements for gaming
operator licensees under the Gaming Control Act.
[12/31/98; 15.1.8.6 NMAC - Rn, 15 NMAC 1.8.6,
10/15/00; A, 12/28/01]
15.1.8.7 DEFINITIONS: Unless otherwise defined below, terms used in
this rule have the same meanings as set forth in the Gaming Control Act.
A. “Act” means the New Mexico Gaming Control Act.
B. “Audit” means an examination of an applicant’s or
licensee’s accounting records, financial situation, and business practices to
determine compliance with generally accepted accounting principles, state law,
or rules adopted by the gaming control board.
C. “Business year” means the
annual period used by a licensee for internal accounting purposes.
D. “Cash equivalent” means an instrument of equal
liquidity and security as that of legal tender.
E. “Credit play” means operation of a licensed gaming
machine that accumulates awards on a display rather than dispensing the
winnings from a hopper; one (1) credit equals the denomination of the game
being played.
F. “Credit slip” means a cash-out ticket for winnings
earned on a gaming machine that provides for credit play.
G. “Drop” means the total amount of money and tokens
removed from the drop box, or for cashless gaming machines, the amount of
credits deducted during play.
H. “Drop box” or “drop bucket” means a container
in a locked part of the gaming machine or its cabinet that is used to collect
the money and tokens retained by the gaming machine that are not used to make
automatic payouts from the machine.
I. “Gaming tax transfer account” means a bank
account maintained by a gaming operator licensee for the exclusive purpose of
gaming tax payments to the state treasurer on a monthly basis.
J. “Gross revenue” means all receipts from the
operation of gaming machines before any deductions and equals the total of cash
wagered by patrons and cash received for credit play.
K. “Hold percentage” means the percent of coins or
credits played that are retained by the gaming machine; it is determined by
subtracting the payback percentage from one hundred percent (100%).
L. “Hopper” means an assembly inside the gaming machine
that receives, holds, and dispenses coins.
M. “Licensed premises” means the area that has been
approved for gaming on the premises that is under the direct control of a
gaming operator licensee and from which the licensee is authorized to operate
and permit the play of gaming machines.
N. “Payback percentage” means the theoretical percentage
that will be won by a player during a cycle of play on the machine.
O. “Premises” means
the land together with all building’s improvements and personal property
located on the land.
P. “Soft meter” means an internal electronic accounting
system that can be displayed on the screen of a gaming machine or in the coin
window on a reel gaming machine.
Q. “Standard financial statements” means statements that
represent fairly an entity’s financial position and results of operation in
conformity with generally accepted accounting principles (US GAAP), international
financial reporting standards (IFRS) or any other comprehensive system of
accounting acceptable to the board.
R. “State” means the state of New Mexico.
S. “Statements on auditing standards” means the
auditing standards and procedures published by the American institute of
certified public accountants.
T. “Taxation and revenue” means the New Mexico
department of taxation and revenue.
U. “Wager” means a sum of money or thing of value risked
on an uncertain occurrence.
[12/31/98;
15.1.8.7 NMAC - Rn & A, 15 NMAC 1.8.7, 10/15/00; A, 12/28/01; A, 2/28/05;
A, 10/15/15]
15.1.8.8 BOARD AUDIT PROCEDURES:
A. The
board will establish and maintain an audit and compliance services division
that shall have the responsibility to:
(1) conduct periodic and special audits or reviews of the books and records of
licensees;
(2) review the accounting methods and procedures used by licensees;
(3) review and observe methods and procedures used by licensees to count and
handle cash, tokens, and credit slips;
(4) examine the licensees’ records, procedures, and internal controls for
the exchange of cash with a gaming patron;
(5) examine and review licensees’ internal control procedures;
(6) examine accounting and bookkeeping records and ledger accounts of the
licensee or an affiliate of the licensee;
(7) examine the books and records of any licensee when conditions indicate the need
for such action or upon the request of the board; and
(8) determine each licensee’s compliance with the act and board rules.
B. The
audit and compliance services division shall conduct each audit in conformity
with the statements on auditing standards or compliance standards established
by the board. The audit and compliance
services division shall prepare a report at the conclusion of each audit and
will submit a copy of the report to the board.
C. At
the conclusion of each audit, the audit and compliance services division shall
review the results of the audit with the licensee. The licensee may, within 10 days of receipt
of the review report, submit to the board, in writing, reasons why the board
should reject the results of the audit.
The board shall consider the licensee’s submission in determining
whether any corrective or disciplinary action is necessary.
D. When
the audit and compliance services division finds the licensee is required to
pay additional taxes or fees or is entitled to a refund, the audit and
compliance services division shall report its findings, and the legal basis
upon which the findings are made, to the board and to the licensee.
[12/31/98; 15.1.8.8 NMAC - Rn & A, 15 NMAC
1.8.8, 10/15/00; A, 12/28/01; A, 2/28/05]
15.1.8.9 ACCOUNTING RECORDS:
A. Each licensee shall keep accurate,
complete, legible, and permanent records, in the manner required or approved by
the board and in accordance with either generally accepted accounting
principles (U.S. GAAP), international financial reporting standards (IFRS) or
other comprehensive basis of accounting approved by the board, pertaining to
revenue that is taxable or subject to fees under the act. Each licensee that keeps permanent records in
an electronic format shall provide to the audit and compliance services
division, upon request, a detailed index of computer records in a format
satisfactory to the board.
B. Each manufacturer, distributor and
racetrack gaming operator licensee shall use double-entry accounting and maintain
detailed subsidiary records, including the following:
(1) detailed records
of revenues, expenses, assets, liabilities, and equity of the gaming
establishment;
(2) gaming
machine analysis reports that compare, by each machine, actual hold percentages
to theoretical hold percentages;
(3) the
records required either by the board’s minimum standards for internal control
systems or, if the board determines that the licensee’s system is at least
equivalent to the board’s minimum standards, the records required by the
licensee’s system of internal control;
(4) journal entries prepared by the licensee and its independent
accountant; and
(5) any
other records that the board specifically requires to be maintained.
C. Each nonprofit
gaming operator licensee shall use double-entry accounting and maintain
detailed subsidiary records for gaming activity as part of their licensed
organization’s annual financial statements and shall submit a monthly financial
reporting package as prescribed by the board.
D. If a licensee fails to keep adequate
gaming revenue records, the board may compute the amount of taxable revenue
upon the basis of an audit conducted by the audit and compliance services
division, on the basis of any information within the board’s possession, upon
statistical analysis, or upon any other basis deemed reasonable by the board.
E. Non-profit
licensees are required to have a designated gaming accountant, who shall be
found suitable as a key person by the board.
The gaming accountant shall have a reasonable amount of experience in
accounting/bookkeeping.
[12/31/98;
15.1.8.9 NMAC - Rn & A, 15 NMAC 1.8.9, 10/15/00; A,
5/14/04; A, 2/28/05; A, 12/15/10: A, 10/15/15]
15.1.8.10 REPORTING AND PAYMENT PROCEDURES:
A. Fees required under the act and all reports relating to taxes and fees
shall be received by the board not later than the due date specified by
law. In addition, reports relating to
taxes shall be received by taxation and revenue not later than the due date
specified by law. Fees and reports shall
be deemed to be timely filed if the licensee shows, to the board’s
satisfaction, that the licensee deposited the fees and reports in a United
States post office or mailbox, with first-class postage prepaid, properly
addressed to the board, and in the case of tax reports, to taxation and
revenue, within the time allowed for payment of the fees and filing of the
reports.
B. All
gaming operator licensees shall remit to the state the gaming tax as provided
for by the act. Tax payments shall be
calculated based on net take from the gaming operator licensee’s gaming
machines, as verified by the machines’ soft meters.
C. A
gaming operator licensee shall establish and maintain a single gaming tax
transfer account exclusively for gaming tax payments to the taxation and
revenue. In maintaining such bank
account:
(1) the
gaming operator licensee shall maintain a minimum balance at all times in the
gaming tax transfer account; alternatively, the account shall be secured at all
times by a letter of credit or bond issued by a bank or security company
acceptable to the board; for purposes of this subsection, “bond” includes cash,
cash equivalent instruments or such other instruments as the board determines
provide immediate liquidity;
(2) the minimum balance or the security shall be equivalent to at least 6%
of the previous month’s net take from all gaming machines of the non-profit
gaming operator licensee and at least 15% of the previous month’s net take from
all gaming machines of the racetrack gaming operator licensee;
(3) no withdrawals from the gaming tax transfer account shall cause the
account balance to be less than the minimum balance requirement described
above;
(4) the gaming tax is due on or before the date designated by taxation and
revenue; funds in the gaming tax transfer account shall be transmitted no later
than the designated day; any account found with insufficient funds shall
constitute a violation of this subsection;
(5) tax liability shall be calculated based on gaming machine polling for the
previous month; and
(6) any delinquent monies not available in the bank and account designated by
taxation and revenue at the time of any required tax payment shall be subject
to an interest penalty as determined by taxation and revenue; the interest
penalty is in addition to any other penalties imposed by the board or taxation
and revenue.
D. All
gaming operator licensees shall be liable for all portions of gaming revenue
from such times as the funds are received into the gaming machine until the
funds are deposited into the designated bank and account of taxation and
revenue.
[12/31/98; 15.1.8.10 NMAC - Rn & A, 15
NMAC 1.8.10, 10/15/00; A, 12/28/01; A, 2/28/05; A, 5/15/07; A, 6/30/08]
15.1.8.11 RECORDS OF OWNERSHIP OF LICENSEE:
A. Each
company licensee that is a corporation shall keep on the premises of its gaming
establishment and shall provide to the board or audit and compliance services
division, upon request, the following corporate documents:
(1) a certified copy of the articles of incorporation, and any amendments;
(2) a copy of the bylaws and any amendments;
(3) a copy of the certificate of authority issued by the New Mexico
secretary of state authorizing the corporation to transact business in the
state;
(4) a list of all current and former officers and directors;
(5) minutes of all meetings of the corporation’s shareholders;
(6) minutes of all meetings of the corporation’s directors;
(7) a list of all shareholders, including each shareholder’s name, address,
number of shares held, and the date the shares were acquired;
(8) the stock certificate ledger;
(9) a record of all transfers of the corporation’s stock; and
(10) a record of amounts paid to the corporation for issuance of stock and
any other capital contributions.
B. A company licensee that is a partnership shall keep on the premises of
its gaming establishment and provide to the board or audit and compliance
services division upon request, the following partnership documents:
(1) a copy of the partnership agreement and the certificate of limited
partnership, if applicable;
(2) a
list of the partners, including names, addresses, percentage of interest held
by each, amount and date of each capital contribution of each partner, date the
interest was acquired, and salary paid by the partnership to each partner; and
(3) a record of all withdrawals of partnership funds or assets.
C. A
company licensee that is a limited liability company shall keep on the premises
of its gaming establishment, and provide to the board or audit and compliance
services division upon request, the following documents:
(1) a list of the full name and last known mailing address of all current
and former members and managers;
(2) a copy of the articles of organization and all amendments or
restatements of the articles;
(3) a copy of every current and prior operating agreement, and every
amendment thereto;
(4) a current statement of capital contributions made by each member,
including the amount of cash and the agreed value of other property received by
the limited liability company and the agreed value of services as a capital
contribution rendered by each member to the limited liability company;
(5) a statement of the cash, property and services that each member has
agreed to contribute or render to the limited liability company in the future,
and of the principal balance outstanding under any promissory note payable in
respect of a capital contribution, and the amount of the capital contribution
with which each such member will be credited upon receipt of such cash,
property or services by the limited liability company; and
(6) a statement of the times at which, or events the occurrence of which,
will require additional contributions to or withdrawals from capital.
D. Each
sole proprietorship licensee shall keep on the premises of its gaming
establishment, or provide to the board or audit and compliance services
division upon request, a schedule that shows the name and address of the
proprietorship, the amount and date of the proprietor’s original investment and
any additions and withdrawals.
[12/31/98; 15.1.8.11 NMAC - Rn & A, 15
NMAC 1.8.11, 10/15/00; A, 2/28/05]
15.1.8.12 RETENTION OF RECORDS: The licensee shall maintain all records
required pursuant to this rule within New Mexico for a period of five years.
[12/31/98; 15.1.8.12 NMAC - Rn & A, 15
NMAC 1.8.12, 10/15/00; A, 2/28/05; A, 5/15/07]
15.1.8.13 [RESERVED]
[12/31/98;
15.1.8.13 NMAC - Rn, 15 NMAC 1.8.13, 10/15/00; A, 5/14/04; A, 2/28/05; Repealed,
10/15/15]
15.1.8.14 TAX
RETURNS; AUDITED FINANCIAL STATEMENTS; OTHER LICENSEES:
A. Racetrack gaming operator,
distributor, and manufacturer licensees shall submit copies of their federal income
tax returns to the board within thirty (30) days of filing their returns with
the internal revenue service. If a
licensee files an “application for automatic extension of time to file U.S.
income tax return” with the internal revenue service, the licensee shall submit
a copy of the request for extension within thirty (30) calendar days of
submitting such request to the internal revenue service.
B. Racetrack gaming operator,
distributor, and manufacturer licensees shall submit annually two (2) copies of
their audited financial statements with comparative figures from the prior year
covering all financial activities of the licensee to the board no later than
one hundred twenty (120) days after the close of the licensee’s fiscal year
end.
C. Each licensee shall engage an
independent certified public accountant who shall audit the financial
statements in accordance with auditing standards generally accepted in the
United States of America. The financial
statements shall be prepared in conformity with accounting principles generally
accepted in the United States of America, international financial reporting
standards (IFRS) or any other comprehensive system of accounting acceptable to
the board.
D. In the event of a license termination or
change in business entity, the licensee or former licensee shall, not later
than ninety (90) days after the event, submit to the board two (2) copies of
its financial statements, or if required by the board, audited financial
statements, covering the period from the end of the period covered by the
previous financial statement to the date of the event. If a license termination or change in
business entity occurs within ninety (90) days after the end of a business year
for which a financial statement has not been submitted, the licensee may submit
financial statements covering both the business year and the final period of
business rather than separate statements.
E. If a licensee changes its business
year, the licensee shall prepare and submit to the board financial statements
covering the period from the end of the previous business year to the beginning
of the new business year, submitted within ninety (90) days after the end of
the period. Such financial statements
shall be audited if required by the board.
With board approval, the licensee may incorporate the financial results
of the period in the financial statements for the new business year.
F. The licensee
shall submit to the board a copy of any audit and review findings reports and
management advisory letters with the audited financial statements and
independent auditor’s report on compliance with minimum internal control
standards. The licensee
shall submit audit and review reports and management advisory letters within
thirty (30) days of receipt.
G. The board may request additional
information and documents from either the licensee or the licensee’s
independent certified public accountant, directly or through the licensee,
regarding the financial statements or services performed by the accountant. The licensee shall provide all additional
information requested by the board.
[12/31/98;
15.1.8.14 NMAC - Rn, 15 NMAC 1.8.14, 10/15/00; A, 5/14/04; A, 6/30/08; A,
10/15/15]
15.1.8.15 SYSTEM OF INTERNAL CONTROL PROCEDURES FOR
LICENSEES:
A. Each licensee shall establish written administrative and accounting
procedures for the purpose of verifying the licensee’s liability for taxes
under the act and for the purpose of exercising effective control over the
licensee’s internal financial affairs.
The procedures shall be designed to satisfy the requirements, and
include the provisions, set forth in Section 60-2E-35 of the act. In addition, the gaming operator licensee’s
or applicant’s procedures shall meet the minimum standards established pursuant
to board regulations.
B. The
licensee shall not implement internal control procedures that do not satisfy
the minimum standards unless the board, in its sole discretion, determines that
the licensee’s proposed internal control procedures satisfy the requirements
set forth in Section 60-2E-35 of the act and approves the proposed system in
writing. Within 30 days after a licensee
receives notice of such approval, the licensee shall comply with the approved
procedures, amend its written procedures as necessary, and submit to the board
a copy of the written procedures as amended and a written description of the
variations from the minimum control standards.
The licensee’s chief financial officer and either the licensee’s chief
executive officer or a licensed owner shall sign the report.
C. Each
racetrack licensee shall require its independent certified public accountant to
submit to the licensee, on an annual basis, two copies of a written report
analyzing the licensee’s compliance with approved procedures and minimum
control standards. Using the criteria
established by the board, the accountant shall report each event and procedure
that the accountant believes does not satisfy the minimum standards or
variations that have been approved by the board in writing pursuant to Subsection
B of 15.1.8.15 NMAC. Not later than 120
days after the end of the licensee’s business year, the licensee shall submit
to the board a copy of the accountant’s report and any other documentation
relating to the licensee’s items of noncompliance noted by the accountant and
describing the corrective measures taken.
D. Before
adding any computerized system for monitoring gaming machines or any
computerized associated equipment, the licensee shall do the following:
(1) amend its accounting and administrative procedures and
internal controls to comply with the minimum standards;
(2) submit to the board a copy of the procedures as amended and a written
description of the amended procedures signed by the licensee’s chief financial
officer and either the licensee’s chief executive officer or a licensed owner;
(3) comply with any requirements imposed by the board regarding
administrative approval of computerized gaming machine monitoring systems or
associated equipment; and
(4) after complying with Paragraph (1) of Subsection D of 15.1.8.15 NMAC
through Paragraph (3) of Subsection D of 15.1.8.15 NMAC above, implement the
procedures as amended.
E. If
the board determines at any time that the licensee’s administrative or
accounting procedures do not comply with the requirements of this section, or
the licensee is out of compliance with the approved minimum internal controls,
the board shall notify the licensee in writing.
Within 30 days after the date of such notice, the licensee shall amend
its procedures accordingly, submit a copy of the amended procedures, and
provide, in writing, a description of any remedial measures taken.
[12/31/98; 15.1.8.15 NMAC - Rn & A, 15
NMAC 1.8.15, 10/15/00; A, 12/28/01; A, 2/28/05; A, 6/30/08]
15.1.8.16 NET TAKE COMPUTATIONS:
A. For
each gaming machine, gross revenue equals the total of cash received from
patrons for playing a game, cash received in payment for credit extended by a
licensee to a patron for playing a game, and compensation received for
conducting a game in which the licensee is not a party to the wager. Net take equals gross revenue less the total
of all cash paid out as losses to winning patrons and those amounts paid to
purchase annuities to fund losses paid to winning patrons over several years by
independent administrators. In addition,
if the licensee retains detailed documentation supporting the deduction, the
licensee may deduct the actual cost to the licensee, its agent or employee, or
an affiliate of the licensee, of any personal property (other than costs of
travel, food, refreshments, lodging, or services) distributed to a patron as
the result of a legitimate wager.
B. The
difference between the initial hopper load and the total amount that is in the
hopper at the end of each business year shall be adjusted accordingly as an
addition to or subtraction from the drop.
If the licensee does not make, or makes inaccurate, additions to or
subtractions from the drop, the audit and compliance services division may
compute an estimated total amount in the slot machine hoppers and may make
reasonable adjustments to gross revenue during the course of an audit.
C. A
licensee shall not exclude from gross revenue money paid out on wagers that are
knowingly accepted by the licensee in violation of the act, this title, or
other state or federal laws.
D. If
in any month the amount of net take is less than zero, the licensee may deduct
the excess in the succeeding months until the loss is fully offset against net
take.
[12/31/98; 15.1.8.16 NMAC - Rn & A, 15
NMAC 1.8.16, 10/15/00; A, 2/28/05]
15.1.8.17 [RESERVED]
[12/31/98;
15.1.8.17 NMAC - Rn, 15 NMAC 1.8.17, 10/15/00; A, 2/28/05; A, 6/30/08;
Repealed, 10/15/15]
15.1.8.18 NONPROFIT
LICENSEES; SEPARATE OPERATING ACCOUNTS:
A. Nonprofit licensees shall establish
and maintain a separate operating account exclusively for the deposit of all
gaming funds. The account shall be in a financial institution that is licensed
by the state, in a national bank with an office in the state, or in another
financial institution acceptable to the board.
The bank or other financial institution shall not be an affiliate of the
nonprofit licensee.
B. The operating account is subject to
the following restrictions and requirements:
(1) all net
revenue after replenishment of imprest funds shall be
deposited into the gaming operating account;
(2) if required by
the board, a nonprofit gaming licensee shall deposit all gaming funds into
their gaming operating account after each drop and count; and, once the deposit
is made, shall write a check back to the
cashier cage or vault (if applicable) for replenishment;
(3) by the end of the month, the required charity and
educational funds shall be transferred from the operating account into the
charity account;
(4) by the end of the month, the required gaming tax shall be
transferred from the operating account into the gaming tax account;
(5) by the end of the month, any discretionary funds shall be
transferred from the gaming operating account shall be transferred to the
licensee’s general operating account;
(6) after making the required tax, charity and discretionary
fund transfers, the remaining funds in the gaming operating bank account are
the property of the licensee. The
balance in the gaming operating bank account shall not exceed twenty thousand
($20,000) dollars. All funds in excess
of twenty thousand ($20,000) dollars shall be transferred to the license’s
general operations bank account. The
remaining funds in the gaming operating bank account balance shall be maintained
as a cash reserve to replenish gaming funds, if needed; and
(7) the
nonprofit licensee shall maintain detailed records of all deposits into, and
withdrawals and disbursements from, the operating account.
C. A non-profit licensee shall not commingle
gaming funds and other monies of the nonprofit licensee or use any monies in
the operating account for any purpose other than the transfers as identified in
this section.
D. Non-profit
licensees shall establish and maintain a separate charity and education bank
account exclusively for the deposit of all required charitable and educational
funds. The account shall be in a
financial institution that is licensed by the state, a national bank with an
office in the state, or in another financial institution accepted by the
board. The bank or other financial
institution shall not be an affiliate of the non-profit organization gaming
operator licensee.
E. The charitable
and education account is subject to the following restrictions and
requirements:
(1) non-profit
licensees shall deposit the required charity/educational percentage of net
revenue (gross revenues less jackpot payouts) into their charity/educational
account by the end of each month;
(2) the
non-profit licensee shall maintain detailed records of all deposits into, and
withdrawals, and disbursements from, the charity/educational account;
(3) monies in
the charity/educational account shall be
used exclusively for charitable and educational payments as set forth in the
charity and educational guidelines; and
(4) charitable/educational funds shall
not be commingled with any other monies of the non-profit gaming licensee.
[12/31/98;
15.1.8.18 NMAC -Rn, 15 NMAC 1.8.18, 10/15/00; A, 5/14/04; A, 6/30/08; A,
10/15/15]
15.1.8.19 MINIMUM
BANKROLL REQUIREMENTS:
A. Each gaming operator licensee shall
maintain, in the manner required or approved by the board:
(1) cash or cash equivalents in an amount
equal to the value of the highest possible jackpot that could be won from a
single gaming machine at the gaming establishment plus the value of the cash
winnings and non-cash prizes to be paid in periodic payments or such higher
amount as the board may determine; and
(2) if the gaming
operator licensee operates a progressive system, cash or cash equivalents equal
to the total of all progressive jackpots that may be won at the location,
unless the board has approved payment of progressive jackpots by annuity.
B. If at any time the licensee’s
available cash or cash equivalents are less than the amount required by this
section, the licensee shall immediately notify the board’s audit and compliance
division of the deficiency.
[12/31/98;
15.1.8.19 NMAC - Rn, 15 NMAC 1.8.19, 10/15/00; A, 2/28/05; A, 6/30/08; A,
10/15/15]
15.1.8.21 SLOT
ACCOUNTING SYSTEM; RACETRACKS: A slot accounting system shall be required
for all racetrack
gaming premises constructed after September 1, 2003. A racetrack gaming premises constructed prior
to September 1, 2003, is not required to obtain a slot accounting system. If a racetrack constructed prior to September
1, 2003, has implemented a slot accounting system, the racetrack shall maintain
that slot accounting system or another system acceptable to the board.
[15.1.8.21 NMAC - N, 5/14/04; A, 2/13/09]
HISTORY OF 15.1.8 NMAC:
Pre NMAC History: None.
History of Repealed Material:
[Reserved]
Other History:
15 NMAC 1.8, Accounting Requirements Under the Gaming Control Act, effective 12/31/98.
15 NMAC 1.8, Accounting Requirements Under the
Gaming Control Act (filed 12/14/98) reformatted, renumbered, amended and
replaced by 15.1.8 NMAC, Accounting Requirements Under the Gaming Control Act,
effective, 10/15/2000.