Virginia Law

A. Any person desiring to construct or own a horse racetrack or satellite facility where pari-mutuel wagering is permitted shall file with the Commission an application for an owner's license. Such application shall be filed at the time and place prescribed by the Commission, and shall be in such form and contain such information as prescribed by the Commission, including but not limited to the following:

1. The name and address of such person; if a corporation, the state of its incorporation, the full name and address of each officer and director thereof, and if a foreign corporation, whether it is qualified to do business in this Commonwealth; if a partnership or joint venture, the name and address of each officer thereof;

2. The name and address of each stockholder or member of such corporation, or each partner of such partnership or joint venture, and of each person who has contracted for a pecuniary interest in the applicant or the enclosure where race meetings or pari-mutuel wagering will be conducted, whether such interest is an ownership or a security interest, and the nature and value of such interest, and the name and address of each person who has agreed to lend money to the applicant;

3. Such information as the Commission deems appropriate regarding the character, background and responsibility of the applicant and the members, partners, stockholders, officers and directors of the applicant;

4. The location and description of the racetrack, place or enclosure where such person proposes to hold such meetings or wagering, including the name of any county, city or town in which any property of such track or satellite facility is or will be located. The Commission shall require such information about the enclosure and location of such track as it deems necessary and appropriate to determine whether they comply with the minimum standards provided in this chapter, and whether the conduct of a race meeting or pari-mutuel wagering at such location would be in the best interests of the people of the Commonwealth;

5. Such information relating to the financial responsibility of the applicant as the Commission deems appropriate;

6. If any of the facilities necessary for the conduct of racing or pari-mutuel wagering are to be leased, the terms of such lease; and

7. Any other information which the Commission in its discretion deems appropriate.

B. Any application filed hereunder shall be verified by the oath or affirmation of an officer of the applicant, and shall be accompanied by a nonrefundable application fee as determined by the Commission.

C. Any person who knowingly makes a false statement to the Commission for the purposes of obtaining a license under this article shall be guilty of a Class 4 felony.

1988, c. 855; 1991, c. 591; 1992, c. 820.