Current through Register Vol. 56, No. 18, September 16, 2024
(a) This
section shall become effective on the January 1 after this section becomes
effective and enforceable.
(b) A
permit holder shall retain its share of off-track wagering facilities to be
established if the permit holder demonstrates, to the satisfaction of the
Commission, that it continues to make progress on an annual calendar basis
towards opening its share of off-track wagering facilities. The following
requirements shall commence on the date this section becomes effective and
enforceable and continue until all of the off-track wagering facilities within
the permit holder's share are licensed and fully operational as provided below:
1. By December 31 of the year in which this
section becomes effective and enforceable, the permit holder must file an
application for an initial license for at least one off-track wagering facility
within the permit holder's share. After filing the application for an initial
off-track wagering license, the permit holder shall also demonstrate compliance
with each of the following requirements:
i.
The applicant has submitted to the Commission all information and documentation
required by
N.J.A.C.
13:74-2.1;
ii. The applicant has demonstrated to the
Commission that the proposed off-track wagering facility is in a suitable
location and the applicant has obtained fee title ownership of the proposed
property or has obtained a leasehold interest in the proposed property for a
period of not less than five years;
iii. The applicant must submit a detailed
project development budget to the Commission to prove that applicant has
obtained sufficient financial resources to pay for the design, construction,
development, and other costs necessary to establish the proposed off-track
wagering facility;
iv. The
applicant has demonstrated to the Commission that the operational capacity and
market feasibility of the proposed off-track wagering facility will benefit the
horse racing industry in this State; and
v. The applicant shall supply information on
key individuals necessary to operate the proposed off-track wagering facility
in order to demonstrate that the applicant has the requisite staff to operate
the facility.
2. By
December 31 of the second year in which this section becomes effective and
enforceable, the permit holder's application must be deemed complete by the
Commission. Prior to the application being deemed complete, the applicant must
submit all the necessary documentation referenced in (b)1 above and rectify any
deficiencies in the application via delivery of all supplemental documentation
and information requested, and in the timeframe stated, by the
Commission.
3. By December 31 of
the third year in which this section becomes effective and enforceable, the
applicant must open the off-track wagering facility for business and begin
accepting wagers; and
4. Each
permit holder shall comply with the consecutive annual requirements of (b)1
through 3 above until that permit holder has opened all of the off-track
wagering facilities within its share or the unopened off-track wagering
facilities within its share will be subject to forfeiture. For example, by
December 31 of the fourth year in which this section becomes effective and
enforceable, the permit holder must file an application for an initial license
for at least one other off-track wagering facility within the permit holder's
share.
(c) A permit
holder may, at any time in the process of applying for an initial license and
opening an off-track wagering facility, request a one year extension of a
single benchmark deadline if it can show good cause for being unable to
complete the particular benchmark. A permit holder cannot receive more than one
extension during the process of applying for an initial license andopening each
individual off-track wagering facility.
(d) The failure to meet the benchmarks in
this section shall constitute a basis for the denial of the initial off-track
wagering license for which was applied. The failure to meet the benchmarks in
this section shall result in the Commission ordering that the permit holder
shall forfeit its share of unopened off-track wagering facilities to be
established as required by
N.J.S.A.
5:5-130.b(1). A permit holder's share of
unopened off-track wagering facilities to be established cannot be transferred
until that permit holder has exhausted its right to appeal the
forfeiture.
