West Virginia Code 29-25-10 – Reports by licensee
(a) A gaming licensee shall file with the commission an annual balance sheet and profit and loss statement pertaining to the licensee's operation of a gaming facility in this state. A gaming licensee also shall file with the commission an annual statement identifying each controlling person of the licensee and all stockholders, partners, officers or directors for the licensee and any controlling person: Provided, That if a gaming licensee or controlling person is a publicly-traded corporation, then as to the publicly-traded corporation the annual report is required to identify only executive officers whose ongoing regular duties relate directly to the operation of the gaming facility. A gaming licensee shall file further reports with the commission as the commission may require by rule.
Terms Used In West Virginia Code 29-25-10
- Adjusted gross receipts: means the gross receipts of a gaming facility from West Virginia Lottery table games less winnings paid to wagerers in such games. See West Virginia Code 29-25-2
- Commission: means the State Lottery Commission created in section four, article twenty-two of this chapter. See West Virginia Code 29-25-2
- Controlling person: means , with respect to another person, any person directly or indirectly owning or holding a controlling interest in that other person. See West Virginia Code 29-25-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gaming facility: means a designated area on the premises of an existing historic resort hotel in which West Virginia Lottery table games are conducted by a gaming licensee. See West Virginia Code 29-25-2
- Gaming licensee: means the licensed operator of a gaming facility. See West Virginia Code 29-25-2
- Gross receipts: means the total amount of money exchanged for the purchase of chips, tokens or electronic cards by patrons of a gaming facility reduced by gross terminal income to the extent gross terminal income is included in the amount of money exchanged. See West Virginia Code 29-25-2
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Licensee: means a gaming licensee, a licensed gaming facility supplier or a licensed gaming facility employee. See West Virginia Code 29-25-2
- Person: means any natural person, corporation, association, partnership, limited partnership, limited liability company or other entity, regardless of its form, structure or nature. See West Virginia Code 29-25-2
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(b) A gaming licensee shall maintain daily records showing the following:
(1) The total number of patrons of the gaming facility; and
(2) The gross receipts and the adjusted gross receipts.
(c) From information provided under this subsection, from the audit described in subsection (j), section nine of this article, and from any other source available to the commission, the commission shall identify the profits made from the operation of the gaming facility and compare the profits to profits made from the operation of facilities of a similar nature in other states. Annually, the commission shall submit a report to the Joint Committee on Government and Finance setting forth the profits made in the operation of the gaming facility in this state and the results of the comparison to profits made in other states. The commission shall include in the report its recommendations for any adjustments in the taxes imposed upon the operation of a gaming facility under the provisions of this article that would be commensurate with the legislative intent to maximize taxes received from the operation of a gaming facility and minimize profits derived by a licensee from the operation of a gaming facility.