                                 CODE OF VIRGINIA

OPERATOR&#8217;S LICENSE REQUIRED; CAPITAL INVESTMENT; EQUITY INTEREST;
TRANSFERABILITY; FEE (§ 58.1-4108)

A. No person shall operate a casino gaming establishment unless he has obtained
an operator&#8217;s license issued by the Department in accordance with the
provisions of this chapter and the regulations promulgated hereunder.

B. To obtain an operator&#8217;s license issued under the provisions of this
chapter, the applicant shall (i) make a capital investment of at least $300
million in a casino gaming establishment, including the value of the real
property upon which such establishment is located and all furnishings, fixtures,
and other improvements, and (ii) possess an equity interest equal to at least 20
percent of the casino gaming establishment.

C. A license issued under the provisions of this chapter shall be transferable,
provided that the Department has approved the proposed transfer and all
licensure requirements are satisfied at the time the transfer takes effect.

D. A nonrefundable fee of $15 million shall be paid by the applicant to the
Department upon the issuance of a license and upon any subsequent transfer of a
license to operate a casino gaming establishment. Such fees shall be deposited
by the Department into the Gaming Regulatory Fund established pursuant to &#xA7;
58.1-4048.

E. No person issued a license pursuant to this chapter shall be precluded from
obtaining a license for online sports betting pursuant to the Virginia Lottery
Law (&#xA7; 58.1-4000 et seq.) or any subsequently created online sports betting
license.

HISTORY: 2020, cc. 1197, 1248; 2023, cc. 586, 587.