Virginia Administrative Code
Title 11 - GAMING
Agency 10 - VIRGINIA RACING COMMISSION
Chapter 40 - SATELLITE FACILITIES
Part II - Application for a License
Section 11VAC10-40-190 - Disclosure of financial resources
Universal Citation: 1 VA Admin Code 10-40-190
Current through Register Vol. 41, No. 3, September 23, 2024
An applicant for a license must provide the following with regard to financial resources:
1. Unless the applicant is already the holder of a license from the commission, the applicant shall submit the most recently audited financial statement showing:
a. The applicant's current assets,
including investments in affiliated entities, loans and accounts
receivable;
b. Fixed
assets;
c. Current liabilities,
including loans and accounts payable;
d. Long-term debt and equity;
e. Contingent tax liability; and
f. Statement of income and expenses, and
statement of cash flow.
2. Equity and debt sources of funds to develop, own and operate a satellite facility:
a. With respect to each source of equity:
(1) Identification of the source;
(2) Amount;
(3) Form;
(4) Method of payment;
(5) Nature and amount of present commitment;
and
(6) Documentation, copies of
agreements and actions which the applicant will take to obtain commitments for
additional amounts.
b.
With respect to each source of debt:
(1)
Identification of the source;
(2)
Amount;
(3) Terms of
debt;
(4) Collateral;
(5) Identity of guarantors;
(6) Nature and amount of commitments;
and
(7) Documentation, copies of
agreements and actions the applicant will take to obtain commitments for
additional amounts.
3. Identification and description of sources of additional funds needed due to cost overruns, nonreceipt of expected equity or debt funds, failure to achieve projected revenues or other cause.
Statutory Authority
§ 59.1-369 of the Code of Virginia.
Disclaimer: These regulations may not be the most recent version. Virginia 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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