New Mexico Administrative Code
Title 15 - GAMBLING AND LIQUOR CONTROL
Chapter 1 - GAMES AND GAMING GENERAL PROVISIONS
Part 10 - CONDUCT OF GAMING ACTIVITY UNDER THE GAMING CONTROL ACT
Section 15.1.10.33 - GAMING OPERATIONS MANAGEMENT CONTRACTS
Universal Citation: 15 NM Admin Code 15.1.10.33
Current through Register Vol. 35, No. 18, September 24, 2024
A. If a gaming operator licensee enters into a management contract with any person, the management contract shall:
(1) provide that only gaming activity allowed
pursuant to the act will be conducted on the licensed premises;
(2) list the responsibilities of each of the
parties, including but not limited to maintaining and improving the licensed
premises; hiring, firing, training and promoting employees and establishing
employment practices; maintaining the books and records of the gaming
operation; preparing financial statements and reports; hiring and supervising
security personnel; obtaining and maintaining insurance coverage, including
coverage of public liability and property loss or damage; and ensuring
compliance with all applicable laws, including state and federal
laws;
(3) provide for the
establishment and maintenance of satisfactory accounting systems and
procedures, including a system of internal controls that meets the minimum
standards established by the board;
(4) provide for the timely deposit of all
gaming receipts required to be deposited into the gaming tax transfer account
as set forth in this rule;
(5) if
applicable, provide for the establishment and maintenance of a separate
operating account as required by this chapter of this title, and limit access
to the account to the nonprofit operator licensee;
(6) retain for the gaming operator licensee
the right to timely receive, on at least a monthly basis, financial reports and
information used or necessary to prepare the reports;
(7) retain for the gaming operator licensee
the right to full and immediate access to all books and records for the purpose
of verification of any information produced in connection with, or relating to,
gaming activities;
(8) provide for
a term not to exceed five years;
(9) detail the method of compensating the
contract manager and the amounts paid and provide for verification by the
gaming operator licensee prior to payment;
(10) provide the grounds for modifying or
terminating the agreement;
(11)
provide the means for dispute resolution;
(12) prohibit subcontracting of all or part
of the agreement;
(13) retain
ownership of the gaming operator license with the licensee;
(14) verify that the management contractor is
not an affiliate of the licensee;
(15) require that any personnel of the
management contractor shall obtain a certification of finding of suitability or
work permit if deemed necessary by the board; and
(16) specify that the agreement will not go
into effect until approved by the board.
B. The gaming operator licensee may not enter into any management contract if the board determines that:
(1) the management contract fails to meet the
minimum requirements described in this section; or
(2) the management contractor or any
principal, management official, or key executive of the management contractor
is not licensed or is unsuitable for licensure.
Disclaimer: These regulations may not be the most recent version. New Mexico 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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