Casino Renewal Authorizations (language only)
Item 494 #1c
Item 494 #1c | | | |
| Independent Agencies |
| Virginia Lottery |
Language
Page 206, line 7, strike "Not set out.", and insert:
"Item 494 | First Year - FY2023 | Second Year - FY2024 |
State Lottery Operations (81100) | $186,725,080 | $191,510,004 |
Regulation and Law Enforcement (81105) | $26,098,336 | $26,383,260 |
Gaming Operations (81106) | $151,695,994 | $156,195,994 |
Administrative Services (81107) | $8,930,750 | $8,930,750 |
Fund Sources: | | |
Enterprise | $164,190,767 | $168,690,767 |
Dedicated Special Revenue | $22,534,313 | $22,819,237 |
Authority: Title 58.1, Chapter 40 and Chapter 41, Code of Virginia.
A. Out of the amounts for Virginia Lottery Operations shall be paid:
1. Reimbursement for compensation and reasonable expenses of the members of the Virginia Lottery Board in the performance of their duties, as provided in § 2.2-2813, Code of Virginia.
2. The total costs for the operation and administration of the state lottery, pursuant to § 58.1-4022, Code of Virginia.
3. The costs of informing the public of the purposes of the Lottery Proceeds Fund, established pursuant to Article X, Section 7-A, Constitution of Virginia.
B. Expenses related to the regulation and oversight of Casino Gaming shall be paid from the combination of licensing and related fees collected under Title 58.1, Chapter 41, Code of Virginia.
C. Expenses related to the regulation and oversight of Sports Betting shall be paid from a combination of ongoing licensing and fees related to the activities described in Title 58.1, Chapter 40, Code of Virginia.
D. Notwithstanding the provisions of § 4-3.02 of this act, the Secretary of Finance may authorize an interest-free treasury loan for the Virginia Lottery to fund start-up costs associated with the implementation of Casino Gaming and Sports Betting activities as enacted by the 2020 General Assembly of Virginia. The Secretary of Finance may extend the repayment plan for any such interest-free treasury loan for a period of longer than twelve months.
E. Notwithstanding the provisions of § 58.1-4030 and § 58.1-4037, Code of Virginia, a permit holder, through the first 12 months of sports betting activity, may exclude from adjusted gross revenue the value of allowable bonuses or promotions provided to bettors as an incentive to place or as a result of their having placed Internet sports betting wagers. After the first 12 months of sports betting activity, a permit holder is prohibited from excluding from adjusted gross revenue any bonuses or promotions provided to bettors as an incentive to place or as a result of their having placed Internet sports betting wagers. The provisions of this paragraph begin the first month a permit holder collects wagers related to sports betting, as defined in § 58.1-4030, Code of Virginia.
F. Notwithstanding § 58.1-4123, Code of Virginia, for any eligible host city that has not passed a referendum on casino gaming prior to July 1, 2022, the department shall not grant any initial license to operate a gaming operation unless a referendum is held on or after November 1, 2023 on the question of whether casino gaming shall be permitted in such city and is approved by the voters of such city.
G. Prior to June 30, 2024, The Department shall renew the authorization to conduct casino gaming on a temporary basis pursuant to § 58.1-4110 for another six months beyond the second year of operation, provided a portion of the temporary gaming facility will be incorporated as a part of the permanent gaming facility, the preferred casino gaming operator has met the $300 million minimum capital investment pursuant to subsection B of § 58.1-4108, and the Department determines that the preferred casino gaming operator has made a good faith effort to comply with the approved construction schedule."
(This language amendment directs the Virginia Lottery to renew qualifying authorizations to conduct casino gaming on a temporary basis for six months beyond the second year of operation, provided the operator complies with stipulated provisions.)