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Can you summarize LAAC Title 42, Part III, Chapter 27, Section 2736?
Accounting Regulations > Treatment of Credit for Computing Net Gaming Proceeds
Short Summary
This document, part of the Louisiana Administrative Code, specifically the Gaming Control Board’s Accounting Regulations, governs the treatment of credit for computing net gaming proceeds in Louisiana. It applies to licensees and casino operators. The document outlines the inclusion of gaming credit extended to a patron when wagered in the calculation of net gaming proceeds. It allows deductions against uncollectable credit instruments and checks, subject to an annual cap of 4 percent of gross revenue. Additionally, it requires the inclusion of unpaid balances on credit instruments when the original or substituted instrument is not available. The document also mandates the inclusion of unpaid balances even if the licensee settles the debt for less than the full amount, provided the settlement is authorized and a settlement agreement is prepared. Furthermore, it requires the inclusion of money, property, or services received in payment of credit instruments unless the full dollar amount of the credit instrument was previously included in the calculation of net gaming proceeds.
Whom does it apply to?
Licensees and casino operators
What does it govern?
Treatment of Credit for Computing Net Gaming Proceeds
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Louisiana