A license issued under § 59.1-382 shall be for a period of twenty years from the date of issuance, but shall be reviewed annually. The Commission may, as it deems appropriate, change at the beginning of any year the dates on which the licensee is authorized to conduct a race meeting or pari-mutuel wagering. An applicant for renewal of a license may omit any information which in the opinion of the Commission is already available to it. The Commission shall establish criteria and procedures for license renewal.

Terms Used In Virginia Code 59.1-383

  • 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
  • Horse racing: means a competition on a set course involving a race between horses on which pari-mutuel wagering is permitted and includes historical horse racing. 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
  • Pari-mutuel wagering: means the system of wagering on horse races in which those who wager on horses that finish in the position or positions for which wagers are taken share in the total amounts wagered, plus any amounts provided by a licensee, less deductions required or permitted by law and includes pari-mutuel wagering on historical horse racing and simulcast horse racing originating within the Commonwealth or from any other jurisdiction. See Virginia Code 59.1-365
  • Race meeting: means the whole consecutive period of time during which horse racing with pari-mutuel wagering is conducted by a licensee. 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

Any license issued under § 59.1-382 shall designate on its face the type or types of horse racing or pari-mutuel wagering for which it is issued, the location of the track or satellite facility where such meeting or wagering is to be conducted, the period during which such license is in effect and such other information as the Commission deems proper.

The Commission 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 such licensee during the days allotted for racing.

1988, c. 855; 1991, c. 591; 1992, c. 820.

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