463.386 - Credit for prepaid fees for license upon transfer of corporate gaming operations.
463.386 Credit for prepaid fees for license upon transfer of corporate gaming operations.
1. If the Commission approves the issuance of a license for gaming operations at the same location, or locations if the license is for the operation of a slot machine route, within 30 days following a change described in subsection 2, for the purposes of NRS 463.370 and 463.373 to 463.3855, inclusive, the gaming license shall be deemed transferred and the previously licensed operation shall be deemed a continuing operation.
2. Credit must be granted for prepaid license fees as described in subsection 1 if:
(a) The securities of a corporate gaming licensee are or become publicly held or publicly traded and the gaming operations of that corporation are transferred to a wholly owned subsidiary corporation;
(b) A corporate gaming licensee is merged with another corporation which is the surviving entity and at least 80 percent of the surviving entity is owned by shareholders of the former licensee;
(c) A corporate gaming licensee is dissolved, and the parent corporation of the dissolved corporation or a subsidiary corporation of the parent corporation, at least 80 percent of which is owned by the parent corporation, becomes the gaming licensee;
(d) A corporate gaming licensee or a gaming licensee which is a partnership or limited partnership is reorganized pursuant to a plan of reorganization approved by the Commission, and a limited partnership or limited-liability company is the surviving entity;
(e) The assets of a gaming licensee who is a sole proprietorship are transferred to:
(1) A corporation and at least 80 percent of the stock of the corporation is held by the former sole proprietor; or
(2) A limited-liability company and at least 80 percent of the interests in the limited-liability company are held by the former sole proprietor;
(f) A corporate gaming licensee is dissolved and the assets of the gaming establishment are transferred to:
(1) A sole proprietorship in which the sole proprietor owned at least 80 percent of the stock of the former corporation; or
(2) A limited-liability company in which at least 80 percent of the interests are owned by a person who owned at least 80 percent of the stock of the former corporation;
(g) A licensed gaming partnership or limited partnership is dissolved and the assets of the gaming establishment are transferred to a sole proprietorship in which the sole proprietor owned at least 80 percent of the former partnership or limited partnership interests;
(h) The assets of a gaming licensee who is a sole proprietorship are transferred to a partnership or limited partnership in which at least 80 percent of the ownership of the partnership or limited partnership interests are held by the former sole proprietor;
(i) A licensed gaming partnership, limited partnership or limited-liability company is dissolved and the assets of the gaming establishment are transferred to a corporation, at least 80 percent of the stock of which is held by persons who held interests in the former partnership, limited partnership or limited-liability company;
(j) A licensed gaming partnership or limited partnership is dissolved or reorganized and the assets of the gaming establishment are transferred to a partnership, limited partnership or limited-liability company, at least 80 percent of the ownership of which is held by the former partnership interests; or
(k) A trustee, receiver, assignee for the benefit of a creditor or a fiduciary is approved to continue the operation of a licensed establishment and the Commission deems the operation to continue pursuant to the existing license of the establishment.
3. Except as otherwise provided in this section, no credit or refund of fees or taxes may be made because a gaming establishment ceases operation.
(Added to NRS by 1973, 389; A 1975, 693; 1979, 1528, 1740; 1981, 1095; 1983, 1337; 1991, 534, 1011; 1993, 2001)