Florida Regulations 75-4.002: Evaluating a Permit Application for a Pari-Mutuel Facility
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An applicant for a Florida Pari-Mutuel Facility permit shall submit a Form FGCC PMW-3010, Permit Application; https://www.flrules.org/Gateway/reference.asp?No=Ref-01552, a Form FGCC PMW-3030, Personal History Record; https://www.flrules.org/Gateway/reference.asp?No=Ref-01553, and a Form FGCC PMW-3195, Request for Release of Information and Authorization to Release Information; https://www.flrules.org/Gateway/reference.asp?No=Ref-01555, all of which are effective 9-12-12 and adopted herein by reference. The forms can be obtained at www.fgcc.fl.gov or by contacting the Florida Gaming Control Commission, 2601 Blair Stone Road, Tallahassee, Florida 32399.
(1) In evaluating a permit application, the division shall deny any application where the applicant fails to establish the following criteria:
(a) Financial profitability of the prospective permitholder as derived from the assets and liabilities of the applicant; the existence of any judgment or current litigation, whether civil, criminal, or administrative; the type of pari-mutuel activity to be conducted and desired period of operation; and net income projected over the first three years of operation with the permit. If the applicant is able to show any profitability as outlined in this paragraph, the Division will review the following criteria in paragraph (b).
(b) That the issuance of the permit will preserve and protect the pari-mutuel revenues of the state by generating an increase of total state revenue.
(2) After initial approval of the permit and the source of financing, the terms and parties of any subsequent financing shall be disclosed by the applicant or the permitholder, to the division within 30 days.
(3) A pari-mutuel wagering permitholder who transfers an ownership or equity interest in its permit to another licensed pari-mutuel wagering permitholder or who transfers a permit to an entity exclusively composed of ownership interests that have been approved under the provisions of Sections 550.054 and 550.1815, F.S., must file with the division Form FGCC PMW-3040, Permit Transfer Application From One Existing Permitholder to Another Existing Permitholder, effective 9-12-12, adopted herein by reference, https://www.flrules.org/Gateway/reference.asp?No=Ref-01554, which can be obtained at www.fgcc.fl.gov or by contacting the Florida Gaming Control Commission, 2601 Blair Stone Road, Tallahassee, Florida 32399.
Rulemaking Authority 550.0251(3), 550.054(8)(b), 550.1815(5) FS. Law Implemented 550.0251, 550.054, 550.0951, 550.0155, 550.1815, 550.125 FS. History-New 10-20-96, Amended 12-15-97, 3-4-07, 9-12-12, 7-1-15, Formerly 61D-4.002.
Terms Used In Florida Regulations 75-4.002
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
(a) Financial profitability of the prospective permitholder as derived from the assets and liabilities of the applicant; the existence of any judgment or current litigation, whether civil, criminal, or administrative; the type of pari-mutuel activity to be conducted and desired period of operation; and net income projected over the first three years of operation with the permit. If the applicant is able to show any profitability as outlined in this paragraph, the Division will review the following criteria in paragraph (b).
(b) That the issuance of the permit will preserve and protect the pari-mutuel revenues of the state by generating an increase of total state revenue.
(2) After initial approval of the permit and the source of financing, the terms and parties of any subsequent financing shall be disclosed by the applicant or the permitholder, to the division within 30 days.
(3) A pari-mutuel wagering permitholder who transfers an ownership or equity interest in its permit to another licensed pari-mutuel wagering permitholder or who transfers a permit to an entity exclusively composed of ownership interests that have been approved under the provisions of Sections 550.054 and 550.1815, F.S., must file with the division Form FGCC PMW-3040, Permit Transfer Application From One Existing Permitholder to Another Existing Permitholder, effective 9-12-12, adopted herein by reference, https://www.flrules.org/Gateway/reference.asp?No=Ref-01554, which can be obtained at www.fgcc.fl.gov or by contacting the Florida Gaming Control Commission, 2601 Blair Stone Road, Tallahassee, Florida 32399.
Rulemaking Authority 550.0251(3), 550.054(8)(b), 550.1815(5) FS. Law Implemented 550.0251, 550.054, 550.0951, 550.0155, 550.1815, 550.125 FS. History-New 10-20-96, Amended 12-15-97, 3-4-07, 9-12-12, 7-1-15, Formerly 61D-4.002.