Current as of: 2009
99. Internal Controls.
a.Each applicant for a casino license shall submit to the commission a description of its initial system of internal procedures and administrative and accounting controls for gaming and simulcast wagering operations accompanied by a certification by its Chief Legal Officer or equivalent that the submitted procedures conform to the requirements of P.L.1977, c.110 (C.5:12-1 et seq.), and the regulations promulgated thereunder, and a certification by its Chief Financial Officer or equivalent that the submitted procedures provide adequate and effective controls, establish a consistent overall system of internal procedures and administrative and accounting controls and conform to generally accepted accounting principles, except an additional standard may be required by the commission for gross revenue tax purposes. Each applicant shall make its initial submission at least 30 business days before such operations are to commence unless otherwise directed by the commission. Except as otherwise provided in subsection b. of this section, a casino licensee, upon submission to the commission of a narrative description of a change in its system of internal procedures and controls and the two certifications described above, may, following the 15th business day after submission, implement the change. Each initial internal control submission shall contain a narrative description of the internal control system to be utilized by the casino, including, but not limited to:
(1)Accounting controls, including the standardization of forms and definition of terms to be utilized in the gaming and simulcast wagering operations;
(2)Procedures, forms, and, where appropriate, formulas covering the calculation of hold percentages; revenue drop; expense and overhead schedules; complimentary services, except as provided in paragraph (3) of subsection m. of section 102 of P.L.1977, c.110 (C.5:12-102); junkets; and cash equivalent transactions;
(3)Job descriptions and the system of personnel and chain-of-command, establishing a diversity of responsibility among employees engaged in casino or simulcasting facility operations and identifying primary and secondary supervisory positions for areas of responsibility, which areas shall not be so extensive as to be impractical for an individual to monitor; salary structure; and personnel practices;
(4)Procedures within the cashier's cage and simulcast facility for the receipt, storage and disbursal of chips, cash, and other cash equivalents used in gaming and simulcast wagering; the cashing of checks; the redemption of chips and other cash equivalents used in gaming and simulcast wagering; the pay-off of jackpots and simulcast wagers; and the recording of transactions pertaining to gaming and simulcast wagering operations;
(5)Procedures for the collection and security of moneys at the gaming tables and in the simulcasting facility;
(6)Procedures for the transfer and recordation of chips between the gaming tables and the cashier's cage and the transfer and recordation of moneys within the simulcasting facility;
(7)Procedures for the transfer of moneys from the gaming tables to the counting process and the transfer of moneys within the simulcasting facility for the counting process;
(8)Procedures and security for the counting and recordation of revenue;
(9)Procedures for the security, storage and recordation of cash, chips and other cash equivalents utilized in the gaming and simulcast wagering operations;
(10) Procedures for the transfer of moneys or chips from and to the slot machines;
(11) Procedures and standards for the opening and security of slot machines;
(12) Procedures for the payment and recordation of slot machine jackpots;
(13) Procedures for the cashing and recordation of checks exchanged by casino and simulcasting facility patrons;
(14) Procedures governing the utilization of the privaPrev | Next
________________________________________________________________________
Questions & Answers: Amusement, Gambling, and RecreationSee also:
 |
Email
Print
