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Can you summarize 205 CMR 117?
Massachusetts Gaming Commission (formerly State Racing Commission) > Phase 1 determination of financial stability
Short Summary
This document governs the Phase 1 determination of financial stability for applicants seeking Category 1 or Category 2 licenses. It outlines the standards that the bureau and the commission will review during the Phase 1 application process. These standards include the ability to maintain payroll and pay winning wagers, meet ongoing operational expenses, pay taxes, make necessary capital and maintenance expenditures, manage debts, and any other relevant matters deemed appropriate by the commission. The document also allows for evaluation of the applicant’s historic gaming industry or commercial performance. It is important to note that any finding of financial stability during Phase 1 is not binding for Phase 2 determinations. The regulatory authority for this document is 205 CMR 117.00, which references M.G.L. c. 23K 4(37), 5, 9, and 12.
Whom does it apply to?
Applicants seeking Category 1 or Category 2 licenses
What does it govern?
Phase 1 determination of financial stability for applicants seeking Category 1 or Category 2 licenses
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Massachusetts