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New Mexico Statutes Chapter 60. Business Licenses § 60-1A-6. Classification of racetrack licenses

Current as of January 01, 2024 | Updated by Findlaw Staff

A. A license to conduct a race meet in New Mexico shall be classified as either a class A or class B license, determined by the commission as follows:

(1) a class A racetrack license shall be issued to a racetrack licensee who received from all race meets in the preceding calendar year a gross amount wagered through the pari-mutuel system of ten million dollars ($10,000,000) or more; and

(2) a class B racetrack license shall be issued to a racetrack licensee who received from all race meets in the preceding calendar year a gross amount wagered through the pari-mutuel system of less than ten million dollars ($10,000,000).

B. A new racetrack license to conduct a race meet in New Mexico shall be given a classification by the commission based on an estimate of the anticipated gross amounts projected to be received by the new racetrack licensee from all pari-mutuel wagering in the racetrack licensee's first full calendar year of racing. After the racetrack licensee's first full calendar year of racing, the commission shall review the classification and change it if necessary.

C. Each class of license is subject to all provisions of the Horse Racing Act, except as otherwise provided in that act. The commission shall adopt and promulgate rules necessary to provide for license classification.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 60. Business Licenses § 60-1A-6. Classification of racetrack licenses - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-60-business-licenses/nm-st-sect-60-1a-6/

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