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Who cares
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Sponsors
Senator · Senate District 61
No co-sponsors yet.
History
- Referred to racing, gaming and wagering
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the amount of investment required in a proposed gaming facility
In Assembly Committee · Racing And Wagering · Sponsor Anthony Brindisi
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the racing, pari-mutuel wagering and breeding law, in relation to the amount of investment required in a proposed gaming facility
Purpose
To clarify that an applicant for a gaming license will be required to make the total investment proposed in its final approved application.
Summary of provisions
Section one - amends subdivision 1 of section 1316 of the Racing, Pari-mutuel Wagering and Breeding Law to clarify that a successful applicant will be required to invest not less than the total investment proposed in the licensee's final application, as such application was approved by the Board.
Section two - is the effective date.
Justification
Current subdivision 1 of section 1316 of the Racing, Pari-mutuel Wagering and Breeding Law provides that a successful applicant must not invest less than the required capital under this article. Under this existing language, it is possible that the Board might allow a successful bidder to invest less than the amount that was proposed under the approved application. This bill clarifies that a successful applicant must invest not less than was proposed in the approved application.
Legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.