New Mexico Administrative Code
Title 15 - GAMBLING AND LIQUOR CONTROL
Chapter 1 - GAMES AND GAMING GENERAL PROVISIONS
Part 8 - ACCOUNTING REQUIREMENTS UNDER THE GAMING CONTROL ACT
Section 15.1.8.7 - DEFINITIONS
Current through Register Vol. 35, No. 18, September 24, 2024
Unless otherwise defined below, terms used in this rule have the same meanings as set forth in the Gaming Control Act.
A. "Act" means the New Mexico Gaming Control Act.
B. "Audit" means an examination of an applicant's or licensee's accounting records, financial situation, and business practices to determine compliance with generally accepted accounting principles, state law, or rules adopted by the gaming control board.
C. "Business year" means the annual period used by a licensee for internal accounting purposes.
D. "Cash equivalent" means an instrument of equal liquidity and security as that of legal tender.
E. "Credit play" means operation of a licensed gaming machine that accumulates awards on a display rather than dispensing the winnings from a hopper; one (1) credit equals the denomination of the game being played.
F. "Credit slip" means a cash-out ticket for winnings earned on a gaming machine that provides for credit play.
G. "Drop" means the total amount of money and tokens removed from the drop box, or for cashless gaming machines, the amount of credits deducted during play.
H. "Drop box" or "drop bucket" means a container in a locked part of the gaming machine or its cabinet that is used to collect the money and tokens retained by the gaming machine that are not used to make automatic payouts from the machine.
I. "Gaming tax transfer account" means a bank account maintained by a gaming operator licensee for the exclusive purpose of gaming tax payments to the state treasurer on a monthly basis.
J. "Gross revenue" means all receipts from the operation of gaming machines before any deductions and equals the total of cash wagered by patrons and cash received for credit play.
K. "Hold percentage" means the percent of coins or credits played that are retained by the gaming machine; it is determined by subtracting the payback percentage from one hundred percent (100%).
L. "Hopper" means an assembly inside the gaming machine that receives, holds, and dispenses coins.
M. "Licensed premises" means the area that has been approved for gaming on the premises that is under the direct control of a gaming operator licensee and from which the licensee is authorized to operate and permit the play of gaming machines.
N. "Payback percentage" means the theoretical percentage that will be won by a player during a cycle of play on the machine.
O. "Premises" means the land together with all building's improvements and personal property located on the land.
P. "Soft meter" means an internal electronic accounting system that can be displayed on the screen of a gaming machine or in the coin window on a reel gaming machine.
Q. "Standard financial statements" means statements that represent fairly an entity's financial position and results of operation in conformity with generally accepted accounting principles (US GAAP), international financial reporting standards (IFRS) or any other comprehensive system of accounting acceptable to the board.
R. "State" means the state of New Mexico.
S. "Statements on auditing standards" means the auditing standards and procedures published by the American institute of certified public accountants.
T. "Taxation and revenue" means the New Mexico department of taxation and revenue.
U. "Wager" means a sum of money or thing of value risked on an uncertain occurrence.
