New Mexico Administrative Code › Title 15 - GAMBLING AND LIQUOR CONTROL › Chapter 1 - GAMES AND GAMING GENERAL PROVISIONS › Part 8 - ACCOUNTING REQUIREMENTS UNDER THE GAMING CONTROL ACT › Section 15.1.8.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Unless otherwise defined below, terms used in this rule have
				  the same meanings as set forth in the Gaming Control Act.
A.
"Act"
means the New Mexico
				Gaming Control Act.
B.
"Audit"
means an examination of an applicant's or licensee's
				accounting records, financial situation, and business practices to determine
				compliance with generally accepted accounting principles, state law, or rules
				adopted by the gaming control board.
C.
"Business year"
means the
				annual period used by a licensee for internal accounting purposes.
D.
"Cash equivalent"
means an
				instrument of equal liquidity and security as that of legal tender.
E.
"Credit play"
means operation
				of a licensed gaming machine that accumulates awards on a display rather than
				dispensing the winnings from a hopper; one (1) credit equals the denomination
				of the game being played.
F.
"Credit slip"
means a cash-out ticket for winnings earned on a
				gaming machine that provides for credit play.
G.
"Drop"
means the total amount
				of money and tokens removed from the drop box, or for cashless gaming machines,
				the amount of credits deducted during play.
H.
"Drop box"
or
"drop
				bucket"
means a container in a locked part of the gaming machine or its
				cabinet that is used to collect the money and tokens retained by the gaming
				machine that are not used to make automatic payouts from the machine.
I.
"Gaming tax transfer account"
means a bank account maintained by a gaming operator licensee for the
				exclusive purpose of gaming tax payments to the state treasurer on a monthly
				basis.
J.
"Gross
				revenue"
means all receipts from the operation of gaming machines before
				any deductions and equals the total of cash wagered by patrons and cash
				received for credit play.
K.
"Hold percentage"
means the percent of coins or credits played
				that are retained by the gaming machine; it is determined by subtracting the
				payback percentage from one hundred percent (100%).
L.
"Hopper"
means an assembly
				inside the gaming machine that receives, holds, and dispenses coins.
M.
"Licensed premises"
means the
				area that has been approved for gaming on the premises that is under the direct
				control of a gaming operator licensee and from which the licensee is authorized
				to operate and permit the play of gaming machines.
N.
"Payback percentage"
means
				the theoretical percentage that will be won by a player during a cycle of play
				on the machine.
O.
"Premises"
means the land together with all building's improvements and personal
				property located on the land.
P.
"Soft meter"
means an internal electronic accounting system that
				can be displayed on the screen of a gaming machine or in the coin window on a
				reel gaming machine.
Q.
"Standard financial statements"
means statements that represent
				fairly an entity's financial position and results of operation in conformity
				with generally accepted accounting principles (US GAAP), international
				financial reporting standards (IFRS) or any other comprehensive system of
				accounting acceptable to the board.
R.
"State"
means the state of
				New Mexico.
S.
"Statements on
				auditing standards"
means the auditing standards and procedures
				published by the American institute of certified public accountants.
T.
"Taxation and revenue"
means
				the New Mexico department of taxation and revenue.
U.
"Wager"
means a sum of money
				or thing of value risked on an uncertain occurrence.