Bill Text: NY S08866 | 2017-2018 | General Assembly | Introduced
Bill Title: Requires certain disclosures by gaming facilities for eligibility for certain tax reductions, public assistance and benefits.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced - Dead) 2018-05-30 - REFERRED TO RACING, GAMING AND WAGERING [S08866 Detail]
Download: New_York-2017-S08866-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8866 IN SENATE May 30, 2018 ___________ Introduced by Sens. YOUNG, GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Racing, Gaming and Wagering AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to requiring certain disclosures by gaming facilities for eligibility for certain tax reductions, public assistance and benefits The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Legislative findings. The legislature hereby finds and 2 declares that the intent of the upstate New York gaming economic devel- 3 opment act of 2013 was to aid the economic development of upstate New 4 York by increasing employment opportunities and investment into these 5 host communities. The legislature further finds that public resources 6 ought not be used to assist gaming facilities. Any assistance to gaming 7 facilities must be conditioned on full financial disclosure and an inde- 8 pendent audit of the gaming facilities in order to show how this assist- 9 ance would be necessary to benefit and protect the workforce of the 10 gaming facilities and the host municipality and nearby municipalities of 11 each gaming facility. Any assistance shall prevent self-dealing by the 12 officers and shareholders of the gaming facility and shall not be 13 utilized to unduly benefit or enrich the officers, shareholders, inves- 14 tors, and lenders of any gaming facility, its holding company, interme- 15 diary companies, subsidiaries, or affiliates. 16 § 2. Section 1351 of the racing, pari-mutuel wagering and breeding law 17 is amended by adding three new subdivisions 2, 3 and 4 to read as 18 follows: 19 2. Disclosure. Before being eligible to apply for and qualify for any 20 reduction in taxes in subdivision one of this section, or any other 21 public assistance or benefits, a gaming facility shall disclose the 22 following information to the commission: 23 (a) the names and payments made to all casino key employees in excess 24 of one hundred thousand dollars for calendar year two thousand seventeen 25 to present; EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15820-01-8S. 8866 2 1 (b) the names and payments made to all independent contractors in 2 excess of one hundred thousand dollars for calendar year two thousand 3 seventeen to present; 4 (c) all payments in excess of one hundred thousand dollars to inves- 5 tors, casino vendor enterprises, junket enterprises, close associates, 6 and affiliates for calendar year two thousand seventeen to present; 7 (d) all payments in calendar year two thousand seventeen to present 8 made to the board of directors, or to the board of directors of its 9 holding company, intermediary companies, subsidiaries, affiliates or 10 close associates; 11 (e) all contractual arrangements for debt and encumbrances entered 12 into by the gaming facility, its holding company, close associates, 13 intermediary companies, subsidiaries or affiliates which provide financ- 14 ing for the construction, repair, maintenance and operation of the 15 gaming facility; and 16 (f) notwithstanding any provision of law to the contrary, all disclo- 17 sures made to the commission pursuant to paragraph (a), (b), (c), (d) or 18 (e) of this subdivision shall be made fully available by the commission 19 for public review and inspection. 20 3. Further disclosure. Before being eligible to apply for and qualify 21 for any reduction in taxes in subdivision one of this section, or any 22 other public assistance or benefits, a gaming facility shall further 23 disclose and make available to the commission all quarterly financial 24 reports and the annual audit required to be filed, pursuant to paragraph 25 (o) of subdivision two of section thirteen hundred seven of this article 26 for the twelve months prior to the effective date of this subdivision. 27 Notwithstanding any provision of law to the contrary, such reports and 28 audits shall be made fully available by the commission for public review 29 and inspection. 30 4. Appointment of independent financial monitor. Before being eligible 31 to apply for and qualify for any reduction in taxes in subdivision one 32 of this section, or any other public assistance or benefits, the gaming 33 facility shall agree to the appointment of an independent financial 34 monitor selected by the gaming commission. The monitor's salary and 35 expenses shall be paid by the gaming facility. The monitor shall have 36 access to all the financial records of the gaming facility and shall 37 report its findings to the commission. Notwithstanding any laws to the 38 contrary, the reports of the monitor shall be made fully available for 39 public review and inspection. The monitor's duties shall terminate on 40 February first, two thousand twenty. The monitor shall have the follow- 41 ing duties: 42 (a) issue biannual reports commencing with a report at the conclusion 43 of the two thousand eighteen calendar year; 44 (b) publish in such reports the information required by subdivision 45 two of this section for calendar years two thousand eighteen and two 46 thousand nineteen; 47 (c) report on any material weakness in accounting, internal controls, 48 and business and management practices at the gaming facility; 49 (d) review and make recommendations concerning the gaming facility's 50 operating revenues and the establishment of a financial plan; 51 (e) review such gaming facility's overall compliance with the laws, 52 rules and regulations applicable to its activities; 53 (f) monitor the hiring of gaming employees at the gaming facility. The 54 monitor shall notify the commission any time that the number of gaming 55 employees is lower than ninety-five percent of the number that were onS. 8866 3 1 staff of the gaming facility on the date that the bill was passed by 2 both houses of the legislature; and 3 (g) evaluate the overall financial position of the gaming facility. 4 § 3. This act shall take effect immediately.
