Kansas Administrative Regulations
Agency 112 - KANSAS RACING AND GAMING COMMISSION
Article 17 - FAIR ASSOCIATION OR HORSEMEN'S NONPROFIT ORGANIZATION
Section 112-17-5 - Financial plan, fair association and horsemen's nonprofit organization applicant

Universal Citation: KS Admin Regs 112-17-5

Current through Register Vol. 43, No. 39, September 26, 2024

Each application for a fair association or horsemen's nonprofit organization license in which the applicant proposes to own or to construct a racetrack facility shall contain the following information concerning the applicant's financial plan:

(a) financial projections for each of the first and the next three racing years, with separate schedules based upon the number of racing days and types of parimutuel wagers the applicant requires to break even and the optimum number of racing days and types of wagers applicant requests for each year;

(b) statements disclosing the following assumptions:

(1) average daily attendance;

(2) average daily per capita handle and average wager;

(3) retainage;

(4) admissions to the racetrack, including paid and free admissions;

(5) parking volume, fees and other revenues;

(6) concessions and program sales;

(7) purses;

(8) parimutuel expense;

(9) breed funds;

(10) payroll including reimbursement to the commission as authorized by the act;

(11) operating supplies and services;

(12) utilities;

(13) repairs and maintenance;

(14) insurance;

(15) membership expense;

(16) security expense;

(17) legal and audit expense; and

(18) debt service.

(c) statements disclosing the following projected profit and loss elements:

(1) total revenue, including projected revenues from retainage and breakage, admissions, parking, concessions and program operations;

(2) total operating expenses, including projected anticipated expenses for the following:
(A) purses;

(B) parimutuel;

(C) state and local taxes;

(D) breed funds;

(E) cost of concession goods and programs;

(F) advertising and promotion;

(G) payroll;

(H) operating supplies and service;

(I) maintenance and repairs;

(J) security; and

(K) legal and audit; and

(3) nonoperating expenses, including anticipated expenses for debt service, facility depreciation and identification of the method used, and equipment depreciation and identification of the method used;

(d) statements disclosing the projected cash flow, including an assessment of:

(1) income, including equity contributions, debt contributions, interest income and operating revenue; and

(2) disbursements, including land, improvements, equipment, debt service, operating expense and organizational expense; and

(e) a disclosure of the projected balance sheets as of the end of any development period and the first and the next three racing years setting forth current, fixed and other noncurrent assets, current and long-term liabilities, and capital accounts.

Disclaimer: These regulations may not be the most recent version. Kansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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