Code of Massachusetts Regulations
205 CMR - MASSACHUSETTS GAMING COMMISSION
Title 205 CMR 122.00 - Capital Investment
Section 122.05 - Deposit or Bonding of Funds

Universal Citation: 205 MA Code of Regs 205.122

Current through Register 1531, September 27, 2024

(1) Within 30 days after the award of a category 1 gaming license, the applicant shall either:

(a) Deposit 10% of the total investment proposed in the RFA-2 application into an interest bearing escrow account held by the commission in accordance with M.G.L. c. 23K, § 10(a); or

(b) Secure a deposit bond, in a form and from an institution acceptable to the commission, insuring that 10% of the proposed capital investment shall be forfeited to the Commonwealth of Massachusetts if the applicant is unable to complete the gaming establishment, as determined by the commission.

(2) The proposed capital investment figure calculated in accordance with 205 CMR 122.00 shall be used for purposes of calculating 10% deposit or bond required by 205 CMR 122.05(1) and M.G.L. c. 23K, § 10(a).

(3) The commission shall return monies received from the applicant in accordance with 205 CMR 122.05(1)(a) upon written request of the applicant if the commission determines that the project has reached the final stage of construction as detailed in the timeline of construction submitted with the RFA 2 application. In making the determination the commission shall consider whether the amount held in escrow exceeds the amount of capital required to complete the project.

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