87Guarantee of prize payments from authorised progressive machines and systems

87 Guarantee of prize payments from authorised progressive machines and systems

87 Guarantee of prize payments from authorised progressive machines and systems

(1) A hotelier must comply with the requirements of this clause.

Maximum penalty—50 penalty units.

(2) If the prize pool on an authorised progressive gaming machine or authorised progressive system in a hotel exceeds $10,000, the hotelier must—

(a) establish with a financial institution a special account which is to have, at the time of each progressive jackpot reconciliation that is required under this Division, a balance equal to or greater than the total value of the progressive meters on each such authorised progressive gaming machine or system, or

(b) obtain, on the installation of the authorised progressive gaming machine or system, a formal guarantee from a financial institution, or from a person or body approved by the Authority, for an amount equal to the maximum jackpot on each such gaming machine or system, or

(c) enter into any other arrangements approved by the Authority in order to guarantee the payment of prizes.

(3) A hotelier must keep a written record, in a form approved by the Authority, of—

(a) any special account established under subclause (2)(a), or

(b) any guarantee obtained under subclause (2)(b), or

(c) any arrangement entered into under subclause (2)(c).

(4) The information contained in a record referred to in subclause (3) must be reported by the hotelier to the Authority in a form approved by the Authority within 21 days after the end of each instalment period.