68 IAC 15-3-3 - Cash reserve requirements
Authority: IC 4-33-4; IC 4-35-4
Affected: IC 4-33; IC 4-35
Sec. 3.
(a) Casino
licensees shall maintain, in cash or cash equivalents, an amount sufficient to
protect patrons against defaults in gaming debts owed by the casino licensee.
The cash reserve requirement may be maintained in any combination of the
following:
(1) Cash on hand in the casino
licensee's cage that comprises the cage accountability.
(2) Cash in a bank account maintained in the
state of Indiana.
(3) Cash
equivalents that are not otherwise committed or obligated.
(b) Casino licensees shall maintain cash or
cash equivalents in one (1) of the following amounts to ensure payment of a
winning patron wager:
(1) For the first full
or partial quarter of operation, based on a calendar year, one hundred percent
(100%) of the casino licensee's or casino license applicant's projected payout
for a three (3) day period.
(2) For
the next quarter, based on a calendar year, one hundred percent (100%) of the
casino licensee's actual payout for a three (3) day period. The actual payout
shall be computed by calculating the daily average payout for the previous
quarter of operation and multiplying the daily average payout by three
(3).
(c) The cash reserve
requirement that a casino licensee must maintain shall be rounded off to the
nearest one thousand dollars ($1,000). The casino licensee shall not increase
or decrease the cash reserve requirement each quarter unless the adjustment
would increase or decrease the cash reserve requirement by at least fifty
thousand dollars ($50,000). The casino licensee shall increase or decrease the
cash reserve requirement by the twentieth day of the month following the end of
the quarter.
(d) The cash or cash
equivalents must be held in the name of the casino licensee.
(e) If the casino licensee's cash and cash
equivalents fall below the amount outlined in subsection (b), the casino
licensee shall immediately notify the executive director. If the cash reserve
requirement does not comply with this rule, the executive director shall order
the casino licensee to establish a cash reserve requirement that is in
compliance within a period not to exceed twenty (20) days.
(f) The casino licensee shall provide the
executive director with a statement of the cash reserve account by the
twentieth day of a month or within ten (10) days of the receipt of the
statement by the casino licensee.
Notes
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