Wyoming Administrative Code
Agency 038 - Wyoming Gaming Commission
Sub-Agency 0003 - Skill Based Amusement Games
Chapter 4 - Game Approvals, Qualifiers, Limitations, and Vendor and Operator Requirements
Section 4-12 - Reserve Requirement
Universal Citation: WY Code of Rules 4-12
Current through September 21, 2024
(a) A vendor must submit a plan to maintain a reserve in the amount necessary to cover the outstanding skill based amusement game liability required under W. S. § 11-25-304(d). All plans require Commission approval.
(b) Reserve calculations shall be based as follows:
(i) A vendor shall initially
maintain a minimum amount of five thousand dollars ($5,000.00) in reserve to
cover the liability as determined under W.S. §
11-25-304(d);
(A) As soon as reasonably possible after the
initial opening date, a two (2) week average shall be determined.
(B) A reserve shall be determined and
maintained based on the two (2) week average.
(ii) A vendor has an ongoing duty to maintain
as reasonably as possible a reserve in the amount that reflects an average two
week period of the vendors tax implications pursuant to W.S. §
11-25-304(d);
(iii) Reserves shall be maintained in a
segregated and separate account. All reserve accounts whether the initial
amount or the ongoing average shall be verified via a bank statement;
and
(iv) Reserves shall be reviewed
and adjusted bi-annually by the Commission.
(c) The reserve must be in the form of:
(i) Cash or cash equivalents maintained in a
segregated account from the vendor's operational funds;
(ii) An irrevocable letter of credit from a
bank located either in the State of Wyoming or at a minimum chartered in the
State of Wyoming;
(iii) A
bond;
(iv) Payment processor
reserves and receivables;
(v) Any
other form acceptable to the Commission; or
(vi) Any combination of the allowable forms
described in paragraphs (i) to (v).
(d) The Commission may audit a vendor's reserve at any time and may direct a vendor to take any action necessary to ensure the purposes of this rule are achieved, including but not limited to requiring the vendor to modify the form of its reserve or increase the amount of its reserve.
Disclaimer: These regulations may not be the most recent version. Wyoming 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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