§ 41-9.1-12 Wagering and other relatedtaxes and fees. – Subject to the provisions of § 41-9.1-5(e), the wagering and other relatedtaxes and fees set forth below in this section shall be paid by the casinolicensee, shall be fixed and memorialized in the Master Contract, and shallconstitute the total remuneration owed from the casino licensee to the stateduring the term of the Master Contract other than as provided for in this actas of the date of its passage [July 30, 2004] and other than generalbusiness and corporate taxes that all businesses of this state are subject tounder the laws of this state.
(a) Casino License Fee. Subject to the terms andconditions of the Master Contract, a casino license fee in the amount of onehundred million dollars ($100,000,000) shall be payable by the casino licenseeto the state in three installments of thirty-three million three hundredthirty-three thousand three hundred thirty-three dollars and thirty-three cents($33,333,333.33) each on the following dates: (i) the date of issuance of thecasino license; (ii) the one-year anniversary date of the issuance of thecasino license; and (iii) the two-year anniversary date of the issuance of thecasino license.
(b) Wagering Tax. The annual rate of taxation on theadjusted gross receipts ("AGR") received by the casino licensee from gamingauthorized under this chapter shall be as follows for the period of timecommencing on the first (1st) day on which the casino opens for business (the"Commencement Date") and expiring at the end of five (5) years from theCommencement Date (the "Expiration Date").
AGR up to an including $400 million 25.00%
AGR greater than $400 million and up to and including $500million 27.00%
AGR greater than $500 million and up to and including $600million 29.00%
AGR greater than $600 million and up to and including $750million 31.00%
AGR greater than $750 million and up to and including $900million 33.00%
AGR greater than $900 million and up to and including $1billion 35.00%
AGR greater than $1 billion 40.00%
The annual rate of taxation on AGR received by the casinolicensee from gaming authorized under this chapter shall be as followssubsequent to the Expiration Date and going forward:
AGR up to and including $400 million 25.00%
AGR greater than $400 million and up to and including $500million 28.00%
AGR greater than $500 million and up to and including $600million 30.00%
AGR greater than $600 million and up to and including $750million 32.00%
AGR greater than $750 million and up to and including $900million 35.00%
AGR greater than $900 million 40.00%
(c) Tax Revenue Insurance Policy. For purposes of thissubsection (c), the term "Effective Period" shall mean that period of timecommencing on the first (1st) day on which the casino opens for business andexpiring two (2) years from such date, and the term "Base Year" shall mean theone-year period immediately preceding the date on which the casino opens forbusiness. Subject to the terms and conditions of the Master Contract, thecasino licensee shall covenant therein that in the event that the aggregateamount of video lottery terminal revenue and wagering tax revenue, minus anyamounts refunded to GTECH Corporation under the Master Contract between GTECHCorporation and the Commission effective July 1, 2003 and due to passage ofthis act, received by the state each year during the Effective Period is not atleast equal to that amount which is one hundred ten percent (110%) of the videolottery terminal revenue received by the state during the Base Year, then thecasino licensee shall reimburse to the state dollar for dollar the amount ofsuch shortfall.
(d) Hotel Occupancy Tax. With respect to each hotelroom that is occupied by a guest, the casino licensee shall pay to the state,in addition to other state and local hotel taxes that apply to all hotels inthe state, a one dollar ($1.00) hotel occupancy tax, which tax shall be in lieuof all other parking, admission, complimentary and other related patron taxesand fees.
(e) Project Investment Requirement. The casinolicensee shall demonstrate to the satisfaction of the state lottery divisionprior to the opening of the casino for business that it has invested in theaggregate at least five hundred million dollars ($500,000,000) of hard and softcosts in connection with acquiring interests in land, making improvements toreal property and otherwise developing and constructing the casino and relatedfacilities.
(f) Funding Covenant of Casino Licensee in favor of theRhode Island Hospitality and Tourism Association and the Rhode IslandConvention Center and Visitors Bureau. Fifty thousand dollars ($50,000) peryear to each entity throughout the term of the casino license shall be providedby casino licensee for the marketing of state convention and tourism business.
(g) Funding Covenant of Casino Licensee in favor of theRhode Island Council on Problem Gambling. One hundred fifty thousanddollars ($150,000) per year throughout the term of the casino license shall beprovided by casino licensee to the Rhode Island Council on Problem Gambling orsuch other department, agency or entity that the legislature shall designate.
§ 41-9.1-12 Wagering and other relatedtaxes and fees. – Subject to the provisions of § 41-9.1-5(e), the wagering and other relatedtaxes and fees set forth below in this section shall be paid by the casinolicensee, shall be fixed and memorialized in the Master Contract, and shallconstitute the total remuneration owed from the casino licensee to the stateduring the term of the Master Contract other than as provided for in this actas of the date of its passage [July 30, 2004] and other than generalbusiness and corporate taxes that all businesses of this state are subject tounder the laws of this state.
(a) Casino License Fee. Subject to the terms andconditions of the Master Contract, a casino license fee in the amount of onehundred million dollars ($100,000,000) shall be payable by the casino licenseeto the state in three installments of thirty-three million three hundredthirty-three thousand three hundred thirty-three dollars and thirty-three cents($33,333,333.33) each on the following dates: (i) the date of issuance of thecasino license; (ii) the one-year anniversary date of the issuance of thecasino license; and (iii) the two-year anniversary date of the issuance of thecasino license.
(b) Wagering Tax. The annual rate of taxation on theadjusted gross receipts ("AGR") received by the casino licensee from gamingauthorized under this chapter shall be as follows for the period of timecommencing on the first (1st) day on which the casino opens for business (the"Commencement Date") and expiring at the end of five (5) years from theCommencement Date (the "Expiration Date").
AGR up to an including $400 million 25.00%
AGR greater than $400 million and up to and including $500million 27.00%
AGR greater than $500 million and up to and including $600million 29.00%
AGR greater than $600 million and up to and including $750million 31.00%
AGR greater than $750 million and up to and including $900million 33.00%
AGR greater than $900 million and up to and including $1billion 35.00%
AGR greater than $1 billion 40.00%
The annual rate of taxation on AGR received by the casinolicensee from gaming authorized under this chapter shall be as followssubsequent to the Expiration Date and going forward:
AGR up to and including $400 million 25.00%
AGR greater than $400 million and up to and including $500million 28.00%
AGR greater than $500 million and up to and including $600million 30.00%
AGR greater than $600 million and up to and including $750million 32.00%
AGR greater than $750 million and up to and including $900million 35.00%
AGR greater than $900 million 40.00%
(c) Tax Revenue Insurance Policy. For purposes of thissubsection (c), the term "Effective Period" shall mean that period of timecommencing on the first (1st) day on which the casino opens for business andexpiring two (2) years from such date, and the term "Base Year" shall mean theone-year period immediately preceding the date on which the casino opens forbusiness. Subject to the terms and conditions of the Master Contract, thecasino licensee shall covenant therein that in the event that the aggregateamount of video lottery terminal revenue and wagering tax revenue, minus anyamounts refunded to GTECH Corporation under the Master Contract between GTECHCorporation and the Commission effective July 1, 2003 and due to passage ofthis act, received by the state each year during the Effective Period is not atleast equal to that amount which is one hundred ten percent (110%) of the videolottery terminal revenue received by the state during the Base Year, then thecasino licensee shall reimburse to the state dollar for dollar the amount ofsuch shortfall.
(d) Hotel Occupancy Tax. With respect to each hotelroom that is occupied by a guest, the casino licensee shall pay to the state,in addition to other state and local hotel taxes that apply to all hotels inthe state, a one dollar ($1.00) hotel occupancy tax, which tax shall be in lieuof all other parking, admission, complimentary and other related patron taxesand fees.
(e) Project Investment Requirement. The casinolicensee shall demonstrate to the satisfaction of the state lottery divisionprior to the opening of the casino for business that it has invested in theaggregate at least five hundred million dollars ($500,000,000) of hard and softcosts in connection with acquiring interests in land, making improvements toreal property and otherwise developing and constructing the casino and relatedfacilities.
(f) Funding Covenant of Casino Licensee in favor of theRhode Island Hospitality and Tourism Association and the Rhode IslandConvention Center and Visitors Bureau. Fifty thousand dollars ($50,000) peryear to each entity throughout the term of the casino license shall be providedby casino licensee for the marketing of state convention and tourism business.
(g) Funding Covenant of Casino Licensee in favor of theRhode Island Council on Problem Gambling. One hundred fifty thousanddollars ($150,000) per year throughout the term of the casino license shall beprovided by casino licensee to the Rhode Island Council on Problem Gambling orsuch other department, agency or entity that the legislature shall designate.
§ 41-9.1-12 Wagering and other relatedtaxes and fees. – Subject to the provisions of § 41-9.1-5(e), the wagering and other relatedtaxes and fees set forth below in this section shall be paid by the casinolicensee, shall be fixed and memorialized in the Master Contract, and shallconstitute the total remuneration owed from the casino licensee to the stateduring the term of the Master Contract other than as provided for in this actas of the date of its passage [July 30, 2004] and other than generalbusiness and corporate taxes that all businesses of this state are subject tounder the laws of this state.
(a) Casino License Fee. Subject to the terms andconditions of the Master Contract, a casino license fee in the amount of onehundred million dollars ($100,000,000) shall be payable by the casino licenseeto the state in three installments of thirty-three million three hundredthirty-three thousand three hundred thirty-three dollars and thirty-three cents($33,333,333.33) each on the following dates: (i) the date of issuance of thecasino license; (ii) the one-year anniversary date of the issuance of thecasino license; and (iii) the two-year anniversary date of the issuance of thecasino license.
(b) Wagering Tax. The annual rate of taxation on theadjusted gross receipts ("AGR") received by the casino licensee from gamingauthorized under this chapter shall be as follows for the period of timecommencing on the first (1st) day on which the casino opens for business (the"Commencement Date") and expiring at the end of five (5) years from theCommencement Date (the "Expiration Date").
AGR up to an including $400 million 25.00%
AGR greater than $400 million and up to and including $500million 27.00%
AGR greater than $500 million and up to and including $600million 29.00%
AGR greater than $600 million and up to and including $750million 31.00%
AGR greater than $750 million and up to and including $900million 33.00%
AGR greater than $900 million and up to and including $1billion 35.00%
AGR greater than $1 billion 40.00%
The annual rate of taxation on AGR received by the casinolicensee from gaming authorized under this chapter shall be as followssubsequent to the Expiration Date and going forward:
AGR up to and including $400 million 25.00%
AGR greater than $400 million and up to and including $500million 28.00%
AGR greater than $500 million and up to and including $600million 30.00%
AGR greater than $600 million and up to and including $750million 32.00%
AGR greater than $750 million and up to and including $900million 35.00%
AGR greater than $900 million 40.00%
(c) Tax Revenue Insurance Policy. For purposes of thissubsection (c), the term "Effective Period" shall mean that period of timecommencing on the first (1st) day on which the casino opens for business andexpiring two (2) years from such date, and the term "Base Year" shall mean theone-year period immediately preceding the date on which the casino opens forbusiness. Subject to the terms and conditions of the Master Contract, thecasino licensee shall covenant therein that in the event that the aggregateamount of video lottery terminal revenue and wagering tax revenue, minus anyamounts refunded to GTECH Corporation under the Master Contract between GTECHCorporation and the Commission effective July 1, 2003 and due to passage ofthis act, received by the state each year during the Effective Period is not atleast equal to that amount which is one hundred ten percent (110%) of the videolottery terminal revenue received by the state during the Base Year, then thecasino licensee shall reimburse to the state dollar for dollar the amount ofsuch shortfall.
(d) Hotel Occupancy Tax. With respect to each hotelroom that is occupied by a guest, the casino licensee shall pay to the state,in addition to other state and local hotel taxes that apply to all hotels inthe state, a one dollar ($1.00) hotel occupancy tax, which tax shall be in lieuof all other parking, admission, complimentary and other related patron taxesand fees.
(e) Project Investment Requirement. The casinolicensee shall demonstrate to the satisfaction of the state lottery divisionprior to the opening of the casino for business that it has invested in theaggregate at least five hundred million dollars ($500,000,000) of hard and softcosts in connection with acquiring interests in land, making improvements toreal property and otherwise developing and constructing the casino and relatedfacilities.
(f) Funding Covenant of Casino Licensee in favor of theRhode Island Hospitality and Tourism Association and the Rhode IslandConvention Center and Visitors Bureau. Fifty thousand dollars ($50,000) peryear to each entity throughout the term of the casino license shall be providedby casino licensee for the marketing of state convention and tourism business.
(g) Funding Covenant of Casino Licensee in favor of theRhode Island Council on Problem Gambling. One hundred fifty thousanddollars ($150,000) per year throughout the term of the casino license shall beprovided by casino licensee to the Rhode Island Council on Problem Gambling orsuch other department, agency or entity that the legislature shall designate.
