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Can you summarize WVCO 29-25-10?
AUTHORIZED GAMING FACILITY. > Reports by licensee.
Short Summary
This legal document pertains to the operation of a gaming facility in West Virginia. Gaming licensees are required to file an annual balance sheet and profit and loss statement with the commission. They must also file an annual statement identifying controlling persons, stockholders, partners, officers, and directors. However, for publicly-traded corporations, the annual report only needs to identify executive officers directly involved in the operation of the gaming facility. Additionally, gaming licensees must maintain daily records of the total number of patrons and the gross receipts and adjusted gross receipts. The commission is responsible for identifying profits made from the gaming facility and comparing them to similar facilities in other states. The commission submits an annual report to the Joint Committee on Government and Finance, including profit information and recommendations for adjustments in taxes imposed on gaming facilities to maximize tax revenue and minimize licensee profits.
Whom does it apply to?
Gaming licensees
What does it govern?
Operation of a gaming facility
What are exemptions?
The annual report for publicly-traded corporations only needs to identify executive officers whose ongoing regular duties relate directly to the operation of the gaming facility.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
West Virginia