West Virginia Code 29-25-20 – Accounting and reporting of gross terminal income; distribution
The licensed gaming facility shall submit thirty-six percent of the gross terminal income from video lottery games at the licensed gaming facility to the commission through electronic funds transfer to be deposited into the Historic Resort Hotel Fund created in section twenty-two of this article. The licensed gaming facility shall also submit seventeen percent of the gross terminal income from video lottery games at the licensed gaming facility to the commission through electronic funds transfer to be deposited into the Human Resource Benefit Fund created in section twenty-two-a of this article. Each of these submissions shall be made to the commission weekly. The gaming licensee shall furnish to the commission all information and bank authorizations required to facilitate the timely transfer of moneys to the commission. The gaming licensee shall provide the commission thirty days' advance notice of any proposed account changes in order to assure the uninterrupted electronic transfer of funds.
Terms Used In West Virginia Code 29-25-20
- Commission: means the State Lottery Commission created in section four, article twenty-two of this chapter. See West Virginia Code 29-25-2
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Gaming facility: means a designated area on the premises of an existing historic resort hotel in which West Virginia Lottery table games are conducted by a gaming licensee. See West Virginia Code 29-25-2
- Gaming licensee: means the licensed operator of a gaming facility. See West Virginia Code 29-25-2
- Gross terminal income: as used in this article and as used in article twenty-two-a of this chapter, means the total amount of cash, vouchers or tokens inserted into the video lottery terminals operated by a licensee, minus promotional credits played, and minus the total value of coins and tokens won by a player and game credits which are cleared from the video lottery terminals in exchange for winning redemption tickets. See West Virginia Code 29-25-2
- Historic resort hotel: means a resort hotel registered with the United States Department of the Interior as a national historic landmark in its National Registry of Historic Places having not fewer than five hundred guest rooms under common ownership and having substantial recreational guest amenities in addition to the gaming facility. See West Virginia Code 29-25-2
- Human Resource Benefit Fund: means the special fund in the State Treasury created in section twenty-two-a of this article. See West Virginia Code 29-25-2
- Licensee: means a gaming licensee, a licensed gaming facility supplier or a licensed gaming facility employee. See West Virginia Code 29-25-2