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GAMING, RACING AND BETTING ACT
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3. Accounting records
2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

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3.   Accounting records

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    (1)   A gaming operator shall maintain complete accurate and legible records of all transactions relating to the revenues and costs of each gaming establishment under his or her control.

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    (2)   General accounting records shall be maintained on a double entry system of accounting with transactions recorded on the accrual basis, and detailed, supporting, subsidiary records, sufficient to meet the requirements of subregulation (4).

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    (3)   The forms of accounts adopted shall be of a standard form which the Board considers would ensure consistency, comparability, and effective disclosure of financial information and—

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      (a)     the standard form shall be the minimum level of detail to be maintained by the gaming operator;

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      (b)     the gaming operator shall not use any other standard of accounts except for the purpose of expanding the level of detail.

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    (4)   Detailed, supporting and subsidiary records under subregulation (2) shall include—

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      (a)     records of all patrons cheques initially accepted by the gaming operator deposited by the gaming operator, returned to the gaming operator as uncollected and ultimately written off as uncollectible;

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      (b)     statistical game records to reflect drop and win amounts for each table, for each game, and for each shift;

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      (c)     records of the cost of complimentary services indicating by category of service the accumulation of costs and number of persons receiving such services and distinguishing, at a minimum, between rooms, food, beverages, travel and other services, on the basis of the retail value of each category of service provided or cost if the gaming operator pays a third party for providing the services;

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      (d)     if an individual receives complimentary services worth $1,000 or more during a visit, the name of the person receiving such services and the name of the person authorising the receipt of such services;

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      (e)     records which identify the handle, payout, win amounts and percentages, theoretical win amounts and percentages, and differences between theoretical and actual win amounts and percentages, for each slot machine on a week-to-date, month-to-date, and year-to-date basis;

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      (f)     records of investments in property and equipment used directly or indirectly in connection with gaming;

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      (g)     records of all loans and other amounts payable by the gaming operator;

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      (h)     records which identify the purchase, receipt and destruction of gaming chips, gaming plaques and tokens;

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      (i)     such other records as are provided for in the system of the internal control established and maintained under section 27 of the principal Act.

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    (5)   All accounting records for the current and preceding year shall be located on the premises of the gaming establishment unless the Board exempts the gaming operator from this requirement.

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    (6)   All accounting records shall be kept for a period not less than 5 years from their respective dates and may be stored, immediately after preparation of the documents, on microfilm or microfiche or other suitable method approved by the Board.

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    (7)   All original accounting records and documents after being stored on microfilm, microfiche or other suitable method may be stored off the premises of the gaming establishment in a secure location approved by the Board.

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    (8)   A microfilm or microfiche system must meet the following standards to be approved by the Board under subregulation (6)—

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      (a)     a system of inspection and quality control sufficient to ensure that microfilm or microfiche when displayed on a reader or viewer, or reproduced on paper exhibits a high degree of legibility and readability;

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      (b)     a reader-printer available, upon request, to agents of the Board with a facility for reading, and reproduction of any record of records being maintained on microfilm or microfiche;

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      (c)     a detailed index kept by the gaming operator of all microfilmed or microfiche data maintained and arranged in such a manner as to permit the immediate location of any particular record;

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      (d)     a system which will provide for appropriate processing, preservation and maintenance of microfilmed or microfiche records and for making them readily available.

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    (9)   All original accounting records and documents stored on a microfilm or microfiche system shall be made readily accessible to agents of the Board, and despite the lapse of 5 years from their date shall not be destroyed until the Board approves of their destruction.

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    (10)   The gaming operator may petition the Board for approval to destroy these records or documents after 2 years from their recording on microfilm, microfiche or by some other suitable method.

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Castries, Saint Lucia

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