House Bill 1086

AN ACT TO AMEND SECTION 75-76-193, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IN CALCULATING GROSS REVENUE FROM ANY GAME UNDER THE MISSISSIPPI GAMING CONTROL ACT, PAYMENTS OF CASH OR TRANSFERS OF OTHER THINGS OF VALUE TO PATRONS BASED ON THE RESULT OF A GAME SHALL NOT BE DEDUCTED AS LOSSES PAID TO PATRONS WHERE THE ITEM USED OR RISKED BY THE PATRON TO PARTICIPATE IN THE GAME WOULD NOT BE CONSIDERED REVENUE TO A GAMING LICENSEE IF THE PATRON LOST THE GAME; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 75-76-193, Mississippi Code of 1972, is amended as follows:

75-76-193. (1) In calculating gross revenue, any prizes, premiums, drawings, benefits or tickets which are redeemable for money or merchandise or other promotional allowance, except money or tokens paid at face value directly to a patron as the result of a specific wager and the amount the cash paid to purchase an annuity to fund winnings paid to that patron over several years by an independent financial institution, must not be deducted as losses from winnings at any game except a slot machine.

(2) In calculating gross revenue from slot machines, the actual cost to the licensee of any personal property distributed to a patron as the result of a legitimate wager may be deducted as a loss, but not travel expenses, food, refreshments, lodging or services.

(3) In calculating gross revenue from any game, including, but not limited to, a slot machine, the payments of cash and/or the transfers of any other thing or things of value to patrons based on the result of the game shall not be deducted as losses paid to patrons where the type of item used or risked by the patron to participate in the game, including, but not limited to, a chip, token, point or credit, would not be considered revenue to the licensee if the patron lost in the game. Such transactions where the item used or risked by the patron is not included in the computation of gross revenue of the licensee shall not constitute a wager. The licensee shall maintain detailed records to identify whether the payments of cash and/or transfers of things of value to patrons are the result of a wager or a nonwager event.

SECTION 2. This act shall take effect and be in force from and after its passage.