205 CMR 139.06 - Quarterly Report
(1) On a quarterly
basis, the gaming licensee shall create a report that provides a continuing
view of the gaming licensee's financial position including key performance
measures, narrative commentary on operating results, and where applicable, the
capital reserve account contributions made in accordance with the plan
submitted pursuant to
205 CMR
139.09. The quarterly report shall be
attested to by any two of the following: the Chief Executive Officer, Chief
Gaming Executive, Chief Financial Officer, Treasurer, Financial Director,
Controller, or their functional equivalent.
(2) The quarterly report required in
accordance with 205 CMR 139.06(1) shall be accompanied by a statement attested
to by the gaming licensee's Chief Financial Officer, or their functional
equivalent, that the gaming licensee satisfies the following:
(a) It has maintained for the previous
quarter, and has the ability to maintain for the upcoming quarter, a gaming
bankroll or equivalent provisions adequate to pay winning wagers to gaming
patrons when due.
(b) It has paid
in the previous quarter and has the ability to pay when due all local, state
and federal taxes, including the tax on gross gaming revenues imposed by M.G.L.
c. 23K, § 55 and any fees imposed under M.G.L. c. 23K or 205
CMR.
(c) It has the ability to make
annual capital expenditures to its gaming establishment in a minimum aggregate
amount equal to 3.5% of the net gaming revenues derived from the establishment
or in accordance with a multi-year capital expenditure plan approved by the
commission pursuant to M.G.L. c. 23K, § 21(a)(4) and
205 CMR
139.09.
(d) It has the ability to pay, exchange,
refinance or extend debts, including long-term and short-term principal and
interest and capital lease obligations, which will mature or otherwise come due
and payable during the license term, or to otherwise manage such debts and any
default with respect to such debts.
Notes
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