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.