{"data":{"id":"us-va/11vac10-20-80","jurisdiction":"us-va","citation":"11VAC10-20-80","heading":"Disclosure of financial resources","body":"An applicant for license must provide the following with regard to financial resources:\n\n1. The most recent independently audited financial statement showing:\n\na. The applicant's current assets, including investments in affiliated entities, loans and accounts receivable;\n\nb. Fixed assets;\n\nc. Current liabilities, including loans and accounts payable; and\n\nd. Long-term debt and equity; and\n\ne. Statement of income and expenses, and statement of cash flow;\n\n2. Equity and debt sources of funds to develop, own and operate the horse racing facility:\n\na. With respect to each source of equity:\n\n(1) Contribution;\n\n(2) Identification of the source;\n\n(3) Amount;\n\n(4) Form;\n\n(5) Method of payment;\n\n(6) Nature and amount of present commitment; and\n\n(7) Documentation, copies of agreements and actions which the applicant will take to obtain commitments for additional amounts;\n\nb. With respect to each source of debt:\n\n(1) Contribution;\n\n(2) Identification of the source;\n\n(3) Amount;\n\n(4) Terms of debt;\n\n(5) Collateral;\n\n(6) Identity of guarantors;\n\n(7) Nature and amount of commitments; and\n\n(8) Documentation, copies of agreements and actions which the applicant will take to obtain commitments for additional amounts; and\n\n3. Identification and description of sources of additional funds if needed due to cost overruns, nonreceipt of expected equity or debt funds, failure to achieve projected revenues or other cause.","path":["Title 11. Gaming","Agency 10. Virginia Racing Commission","Chapter 20. Regulations Pertaining to Horse Racing with Pari-Mutuel Wagering","Part II. Licensure"],"source_url":"https://law.lis.virginia.gov/admincode/title11/agency10/chapter20/section80/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:49:39Z","sha256":"06d527c55ffcd825bd7bea92cab9baa15da0539d830c623ebde841232fba98c6","source_id":"us-va-vac","stale":false,"prev":"us-va/11vac10-20-70","next":"us-va/11vac10-20-90"},"notice":"GroundRules: Original legal text. Not legal advice."}