Virginia Code 58.1-4111: Duration and form of operator’s license; bond
A. A casino gaming operator license under this chapter shall be valid for a period of 10 years from its date of issuance but shall be reviewed no less frequently than annually to determine compliance with this chapter and Department regulations. Such annual review shall include a certification by the eligible host city of the status of the operator’s compliance with local ordinances and regulations. If the certification states that the operator is not in compliance, the Department shall require the operator to submit a plan of compliance, corrective action, or request for variance.
Terms Used In Virginia Code 58.1-4111
- Board: means the Virginia Lottery Board established in the Virginia Lottery Law (§ 58. See Virginia Code 58.1-4100
- Bond with surety: includes the payment in cash of the full amount of the required bond and, in such case, no surety shall be required. See Virginia Code 1-205
- Casino gaming operator: means any person issued a license by the Board to operate a casino gaming establishment. 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
- Eligible host city: means any city described in § 58. See Virginia Code 58.1-4100
B. The Board shall establish by regulation the criteria and procedures for license renewal and for amending licenses to conform to changes in a licensee’s gaming operations. Such regulations shall require the operator to submit to the Board any updates or revisions to the capital investment plan provided with the initial license application pursuant to subdivision B 4 of § 58.1-4109. Renewal shall not be unreasonably refused.
C. The Department shall require a bond with surety acceptable to it, and in an amount determined by it, to be sufficient to cover any indebtedness incurred by the licensee to the Commonwealth.