Administrative Code

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Virginia Administrative Code
Title 11. Gaming
Agency 10. Virginia Racing Commission
Chapter 40. Satellite Facilities

11VAC10-40-190. Disclosure of financial resources.

An applicant for a license must provide the following with regard to financial resources:

1. Unless the applicant is already the holder of a license from the commission, the applicant shall submit the most recently audited financial statement showing:

a. The applicant's current assets, including investments in affiliated entities, loans and accounts receivable;

b. Fixed assets;

c. Current liabilities, including loans and accounts payable;

d. Long-term debt and equity;

e. Contingent tax liability; and

f. Statement of income and expenses, and statement of cash flow.

2. Equity and debt sources of funds to develop, own and operate a satellite facility:

a. With respect to each source of equity:

(1) Identification of the source;

(2) Amount;

(3) Form;

(4) Method of payment;

(5) Nature and amount of present commitment; and

(6) Documentation, copies of agreements and actions which the applicant will take to obtain commitments for additional amounts.

b. With respect to each source of debt:

(1) Identification of the source;

(2) Amount;

(3) Terms of debt;

(4) Collateral;

(5) Identity of guarantors;

(6) Nature and amount of commitments; and

(7) Documentation, copies of agreements and actions the applicant will take to obtain commitments for additional amounts.

3. Identification and description of sources of additional funds needed due to cost overruns, nonreceipt of expected equity or debt funds, failure to achieve projected revenues or other cause.

Statutory Authority

§ 59.1-369 of the Code of Virginia.

Historical Notes

Derived from VR662-02-05 § 2.9, eff. March 23, 1994.

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