A license issued under § 59.1-378 shall be for the period set by the Commission, not to be less than twenty years, but shall be reviewed annually. The Commission shall designate on the license the duration of such license, the location of such track or satellite facility or proposed track or satellite facility and such other information as it deems proper. The Commission shall establish criteria and procedures for license renewal.

Terms Used In Virginia Code 59.1-380

  • 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
  • Commission: means the Virginia Racing Commission. See Virginia Code 59.1-365
  • Licensee: includes any person holding an owner's or operator's license under Article 2 (§ 59. See Virginia Code 59.1-365
  • Satellite facility: means all areas of the property at which simulcast horse racing is received for the purposes of pari-mutuel wagering, and any additional areas designated by the Commission. See Virginia Code 59.1-365

The Commission shall require (i) a bond with surety or (ii) a letter of credit, acceptable to the Commission, and in an amount determined by it, to be sufficient to cover any indebtedness incurred by the licensee to the Commonwealth.

1988, c. 855; 1992, c. 820; 2000, c. 1011.

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