Indiana Administrative Code
Title 68 - INDIANA GAMING COMMISSION
Article 15 - ACCOUNTING RECORDS AND PROCEDURES
Rule 3 - Cash Reserve Requirements and Distributions
Section 3-2 - Distributions
Universal Citation: 68 IN Admin Code 3-2
Current through September 18, 2024
Authority: IC 4-33-4; IC 4-35-4
Affected: IC 4-33; IC 4-35
Sec. 2.
(a) A casino licensee or casino license applicant shall not make distributions to its partners, shareholders, itself, or an affiliated entity if the distribution will impair the financial viability of the casino gambling operation. Factors to be considered when determining impairment include, but are not limited to, the following:
(1) Cash flow, casino cash, and
working capital requirements.
(2)
Debt service obligations and covenants associated with financial
instruments.
(3) Requirements for
repairs and maintenance.
(4)
Requirements for capital improvements.
(5) Requirements of the casino licensee's or
casino license applicant's financial projections.
(6) Requirements to meet the obligations of
the casino licensee or casino license applicant pursuant to a development
agreement or the equivalent between the local community and the casino licensee
or the casino license applicant or the conditions that were made a part of the
certificate of suitability or the casino owner's license, or both.
(b) Notwithstanding subsection (a), distributions to partners or shareholders that are used for the payment of federal or state taxes, or both, shall not violate this rule.
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