§ 23 — Annual licensee progress report; penalty for failure to meet stated goals; revocation or suspension of license; transfer of property relating to ongoing gaming establishment to transferee requiring licensure; limitation on number of licenses party may hold interest in

Massachusetts § 23

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title II: EXECUTIVE AND ADMINISTRATIVE OFFICERS OF THE COMMONWEALTH
• Ch. 23K: THE MASSACHUSETTS GAMING COMMISSION e fee or tax; penalties.

Text

Section 23. (a) A category 1 and category 2 licensee shall issue an annual report to the commission explicitly stating its progress on meeting each of the stated goals and stipulations put forth in the licensee's original application. Inability to meet stated goals within a reasonable time frame, as determined by the commission, shall result in additional fees as deemed fair and reasonable by the commission. Failure to meet stated goals may also result in revocation of the license at any time by the commission.Nothing in this section shall preclude the commission at any time from reviewing the business operations of a gaming licensee to ensure that the conditions of licensure are being met including, but not limited to, the suitability of the gaming licensee and any affiliates and the fiscal stability of the gaming establishment.(b) The commission may condition, suspend or revoke a gaming license upon a finding that a licensee: (i) has committed a criminal or civil offense under this chapter or under any other laws of the commonwealth; (ii) is not in compliance with gaming regulations or is under criminal investigation in another jurisdiction; (iii) has breached a condition of licensure; (iv) has affiliates, close associates or employees that are not qualified or licensed under this chapter with whom the gaming licensee continues to conduct business or employ; (v) is no longer capable of maintaining operations at a gaming establishment; or (vi) whose business practice, upon a determination by the commission, is injurious to the policy objectives of this chapter.(c) Whenever a person contracts to transfer any property relating to an ongoing gaming establishment, including a security holding in a gaming licensee or holding or intermediary company, under circumstances which require that the transferee obtain licensure under this chapter, the contract shall not specify a closing or settlement date which is earlier than 121 days after the submission of a completed application for licensure or qualification, which application shall include a fully executed and approved trust agreement.The commission shall hold a hearing and render a decision on the interim authorization of the new applicant. If the commission grants interim authorization, then the closing or settlement may occur without interruption of operations of the gaming establishment. If the commission denies interim authorization, there shall be no closing or settlement until the commission makes a determination on the qualification of the applicant and, if the commission then denies qualification, the contract shall thereby be terminated for all purposes without liability on the part of the transferor. The commission shall promulgate further regulations for interim authorization of a gaming establishment.(d) No person or affiliate shall be awarded, purchase or otherwise hold or have a financial interest in more than 1 gaming license issued by the commission.