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Can you summarize MGL Chapter 23K, Section 10?
THE MASSACHUSETTS GAMING COMMISSION e fee or tax; penalties. > Minimum capital investment for category 1 license; penalty for failure to timely begin gaming operations; determination of date for opening for business; licensing and renewal fees; continuing assessment of capitalization of licensee
Short Summary
This legal document, part of the Massachusetts General Law, pertains to the Massachusetts Gaming Commission and covers various aspects related to gaming licenses. It governs the minimum capital investment required for a category 1 license, which mandates a capital investment of at least $500,000,000 into the gaming establishment. The document also outlines the determination of the date for opening the business, requiring the completion of specific construction stages and infrastructure improvements. Additionally, it specifies the licensing and renewal fees, with a minimum licensing fee of $85,000,000 and the assessment of the licensee’s capitalization throughout the construction and license term. Failure to begin gaming operations within one year after the specified date may result in a fine of up to $50,000,000. There are no mentioned exemptions in this document.
Whom does it apply to?
Gaming license applicants and licensees in Massachusetts
What does it govern?
Minimum capital investment for category 1 license; penalty for failure to timely begin gaming operations; determination of date for opening for business; licensing and renewal fees; continuing assessment of capitalization of licensee
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Fine of up to $50,000,000 for failure to begin gaming operations within 1 year after the specified date in the construction timeline
Jurisdiction
Massachusetts