Louisiana Revised Statutes 27:241.1 – Minimum compensation payments; effective March 31, 2001; payments beginning August 1, 2022
Terms Used In Louisiana Revised Statutes 27:241.1
- Board: means the board of directors of the corporation. See Louisiana Revised Statutes 27:205
- casino operator: means any person who enters into a casino operating contract with the corporation requiring that person to conduct casino gaming operations according to the provisions of this Chapter. See Louisiana Revised Statutes 27:205
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- License: means an authorization issued to a person by or in the name of the corporation to engage in or assist gaming operations or activities regulated by this Chapter. See Louisiana Revised Statutes 27:205
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A. Notwithstanding the provisions of La. Rev. Stat. 27:241(C) or any other law to the contrary, effective midnight March 31, 2001, the minimum compensation to be paid by the casino operator to the Louisiana Gaming Control Board shall be the greater of: (i) eighteen and one-half percent of gross revenues or (ii) fifty million dollars for the casino fiscal year April 1, 2001 through March 31, 2002, sixty million dollars for the casino fiscal year April 1, 2002 through March 31, 2022, and sixty-five million dollars for the casino year April 1, 2022, and for each casino fiscal year thereafter. Such amount shall be allocated as provided in La. Rev. Stat. 27:270(A)(3)(b).
B.(1) In addition to any existing obligation to remit to the Louisiana Gaming Control Board any fees or compensation, including compensation paid to the state pursuant to the provisions of this Section, beginning on August 1, 2019, and concluding July 31, 2054, the casino operator shall annually pay to the state the sum of money set forth in Paragraph (2) of this Subsection which shall be used solely for the purpose of providing funding to the Louisiana Cancer Research Center of the LSU Health Sciences Center in New Orleans/Tulane Health Sciences Center.
(2)(a) Except as provided in Subparagraph (b) of this Paragraph, beginning on October 1, 2019, the payment required by Paragraph (1) of this Subsection shall be equal to three million four hundred thousand dollars.
(b) Beginning on August 1, 2024, the amount set forth in Subparagraph (a) of this Paragraph shall be adjusted by a rate that is the lesser of two percent or the Consumer Price Index, United States city average for all urban customers (CPI-U), as prepared by the United States Department of Labor, Bureau of Labor Statistics for the two calendar years immediately preceding the adjustment, with adjustments being made to this amount in the same manner every two years thereafter.
C. Beginning in casino fiscal year April 1, 2022, and each casino fiscal year thereafter, in addition to any existing obligation to remit to the Louisiana Gaming Control Board any fees or compensation, including compensation paid to the Louisiana Gaming Control Board pursuant to the provisions of this Section, the casino operator shall annually pay to the Louisiana Gaming Control Board an annual license payment of three million dollars, of which five hundred thousand dollars shall be deposited in and credited to the Compulsive and Problem Gaming Fund established in La. Rev. Stat. 28:842.
Acts 2001, 1st Ex. Sess., No. 1, §2, eff. Mar. 21, 2001; Acts 2019, No. 171, §1.