Bill > HB241

This bill amends the New Mexico Gaming Control Act by adding two new definitions to clarify financial and operational aspects of gaming activities. The first new definition, "allowable gaming expenses," comprehensively lists eleven legitimate business expenses that gaming operators can account for, including non-cash prize purchases, security costs, accountant fees, license fees, utilities, device maintenance, employee salaries, gaming supplies, management fees, and premises repair. The second new definition, "balance of net take," defines this term as the remaining amount of net revenue after a gaming operation pays gaming taxes, other applicable taxes, income taxes, and the aforementioned allowable gaming expenses. These definitions will help provide more precise financial accounting and transparency in gaming operations by clearly specifying what expenses can be considered when calculating net revenue. The bill does not fundamentally change gaming regulations but instead offers more explicit language to help gaming operators and regulators understand and calculate financial aspects of gaming businesses more precisely.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=241&year=25