038-4 Wyo. Code R. §§ 4-12 - Reserve Requirement

(a) A vendor must submit a plan to maintain a reserve in the amount necessary to cover the outstanding skill based amusement game liability required under W. S. § 11-25-304(d). All plans require Commission approval.

(b) Reserve calculations shall be based as follows:

(i) A vendor shall initially maintain a minimum amount of five thousand dollars ($5,000.00) in reserve to cover the liability as determined under W.S. § 11-25-304(d);

(A) As soon as reasonably possible after the initial opening date, a two (2) week average shall be determined.

(B) A reserve shall be determined and maintained based on the two (2) week average.

(ii) A vendor has an ongoing duty to maintain as reasonably as possible a reserve in the amount that reflects an average two week period of the vendors tax implications pursuant to W.S. § 11-25-304(d);

(iii) Reserves shall be maintained in a segregated and separate account. All reserve accounts whether the initial amount or the ongoing average shall be verified via a bank statement; and

(iv) Reserves shall be reviewed and adjusted bi-annually by the Commission.

(c) The reserve must be in the form of:

(i) Cash or cash equivalents maintained in a segregated account from the vendor's operational funds;

(ii) An irrevocable letter of credit from a bank located either in the State of Wyoming or at a minimum chartered in the State of Wyoming;

(iii) A bond;

(iv) Payment processor reserves and receivables;

(v) Any other form acceptable to the Commission; or

(vi) Any combination of the allowable forms described in paragraphs (i) to (v).

(d) The Commission may audit a vendor's reserve at any time and may direct a vendor to take any action necessary to ensure the purposes of this rule are achieved, including but not limited to requiring the vendor to modify the form of its reserve or increase the amount of its reserve.

Notes

038-4 Wyo. Code R. §§ 4-12

Adopted, Eff. 2/22/2023.