Virginia Code 58.1-4108: Operator’s license required; capital investment; equity interest; transferability; fee
A. No person shall operate a casino gaming establishment unless he has obtained an operator’s license issued by the Department in accordance with the provisions of this chapter and the regulations promulgated hereunder.
Terms Used In Virginia Code 58.1-4108
- Casino gaming establishment: means the premises, including the entire property located at the address of the licensed casino, upon which lawful casino gaming is authorized and licensed as provided in this chapter. See Virginia Code 58.1-4100
- Department: means the independent agency responsible for the administration of the Virginia Lottery created in the Virginia Lottery Law (§ 58. See Virginia Code 58.1-4100
- Person: means an individual, partnership, joint venture, association, limited liability company, stock corporation, or nonstock corporation and includes any person that directly or indirectly controls or is under common control with another person. See Virginia Code 58.1-4100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Sports betting: means the same as such term is defined in § 58. See Virginia Code 58.1-4100
B. To obtain an operator’s license issued under the provisions of this chapter, the applicant shall (i) make a capital investment of at least $300 million in a casino gaming establishment, including the value of the real property upon which such establishment is located and all furnishings, fixtures, and other improvements, and (ii) possess an equity interest equal to at least 20 percent of the casino gaming establishment.
C. A license issued under the provisions of this chapter shall be transferable, provided that the Department has approved the proposed transfer and all licensure requirements are satisfied at the time the transfer takes effect.
D. A nonrefundable fee of $15 million shall be paid by the applicant to the Department upon the issuance of a license and upon any subsequent transfer of a license to operate a casino gaming establishment. Such fees shall be deposited by the Department into the Gaming Regulatory Fund established pursuant to § 58.1-4048.
E. No person issued a license pursuant to this chapter shall be precluded from obtaining a license for online sports betting pursuant to the Virginia Lottery Law (§ 58.1-4000 et seq.) or any subsequently created online sports betting license.