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Can you summarize MGL Chapter 23K, Section 11?
THE MASSACHUSETTS GAMING COMMISSION e fee or tax; penalties. > Minimum capital investment for category 2 license; licensing fee; continuing assessment of capitalization of licensee
Short Summary
This section of the Massachusetts General Law governs the minimum capital investment required for a category 2 license, the minimum licensing fee, and the continuing assessment of the capitalization of a licensee. According to this section, a gaming licensee must make a capital investment of at least $125,000,000 into the gaming establishment, which includes the gaming area and other proposed amenities. The commission will determine whether the purchase or lease price of the land and infrastructure will be included in the capital investment. The required investment must be made within 2 years of receiving the gaming license. Additionally, the commission will determine the minimum licensing fee, which must be paid within 30 days after the award of the license. The commission will also assess the capitalization of the licensee throughout the construction of the gaming establishment and the term of the gaming license. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Gaming licensees in Massachusetts
What does it govern?
Minimum capital investment for category 2 license; licensing fee; continuing assessment of capitalization of licensee
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Massachusetts