(1) A gaming operator shall execute and file with the Board a bond of a value not less than the amount of 3 months' total of the gaming operator's projected total operating expenses within 30 days of the issuance of the licence.
(2) In lieu of a bond, a gaming operator may deposit with the Authority, a security instrument not less than the amount of 3 months' total of the gaming operator's projected operating expenses within 30 days of the issuance of the licence.
(3) A security instrument given under subsection (2) must—
(a) state that—
(i) the amount cannot be withdrawn except with the approval of the Authority, and
(ii) the interest income is for the benefit of the licensee;
(b) be issued by a credit financial institution licensed in Saint Lucia in favour of the Authority, except in respect of a Government bond.
(4) If the actual operating expenses stated in the audited financial statement submitted at the end of the first year of the gaming operator's operation exceeds the amount of the projected operating expenses under subsections (1) and (2) by 10% or more, the Authority shall increase the amount of the bond or security instrument to the total operating expenses in respect of any three months stated in the audited financial statements. (Amended by Act 24 of 2019)
(5) The Authority may apply the bond under subsection (1) or the security instrument under subsection (2) to the payment of an unpaid liability of the gaming operator under this Act.
(6) The bond under subsection (1) or the security instrument under subsection (2) must be maintained for the duration of the gaming operator's licence.
(7) If a gaming operator fails to execute and file the bond under subsection (1) or to deposit the security instrument under subsection (2) within the time stipulated, the gaming operator licence must be revoked.
(Substituted by Act 18 of 2018)