11 CSR 45-51.100
Disclosure of Financial Plan
PURPOSE: The purpose of this rule is to set
forth the requirements for disclosure of financial plan for Class A licenses.
(1) The applicant for a Class A license must
disclose its financial projections for the
development period and for the conducting of
the race meets.
(2) Separate schedules based on the number
of racing days and the types of pari-mutuel
wagering must be included.
(3) The disclosure must include:
(A) A projection of the type and length of
race meeting anticipated;
(B) The applicant’s requirements for
breaking even, including the optimum number of racing days, for each meet anticipated
and the anticipated type of betting;
(C) The following assumptions and the
support for them for the first five (5) years of
racing (Provide assumptions and support for
both live on-track racing and simulcast racing.):
1. Average daily handle;
2. Average daily attendance; and
3. Per capita wager;
(D) Provide financial projections regarding
the operation at the end of the development
period and each of the first five (5) years of
racing setting forth the following elements,
including assumptions and support for them.
(Provide separate schedules for live on-track
racing and simulcast racing and a combined
schedule of both.):
1. Revenues—
A. Retainage;
B. Breakage;
C. Outstanding tickets;
D. Admission;
E. Parking;
F. Program sales;
G. Concession (food and beverage);
H. Interest; and
I. Other (specify);
2. Racing expenses—
A. Purses;
B. Breeders awards;
C. Breakage;
D. Outstanding tickets;
E. Pari-mutuel tax; and
3. Operation expenses—
A. Marketing;
B. Legal;
C. Audit;
D. Insurance (property);
E. Insurance (liability);
F. Insurance (other);
G. Repair and maintenance;
H. Printing (program);
I. Printing (other);
J. Consulting fees;
K. Membership;
L. Equipment rental;
M. Totalizer rental;
N. Travel and entertainment;
O. Utilities and telephone;
P. Operating supplies and services;
Q. Salary and wages;
R. Payroll taxes and employee benefits;
S. Sales tax;
T. Admission tax;
U. Property tax;
V. Waste removal;
W. Interest;
X. Drug testing;
Y. MHRC license fees; and
Z. Other (specify); and
4. Nonoperating expenses, including
anticipated expenses for—
A. Debt service;
B. Facility depreciation, including the
identification of method used; and
C. Equipment depreciation, including
the identification of the method used;
(E) Projected cash flow including assessments of:
1. Income, including:
A. Equity contributions;
B. Debt contributions;
C. Interest income; and
D. Operating revenue; and
2. Disbursements, including:
A. Land;
B. Improvements;
C. Equipment;
D. Debt service;
E. Operating expense; and
F. Organizational expense; and
(F) Project balance sheets as of the end of
the development period and for the requested
race meets setting forth—
1. Current fixed and other noncurrent
assets;
2. Current and long-term liabilities; and
3. Capital accounts.
(4) The applicant must also disclose an
accountant’s report of the financial projections.
(5) The commission will utilize financial projections in deciding whether to issue Class A
licenses. Neither acceptance of a license
application nor issuance of a license shall
bind the commission as to matters within its
discretion, including, but not limited to,
assignment of racing days and design of types
of permissible pari-mutuel pools.
AUTHORITY: section 313.580, RSMo 1986.*
This rule originally filed as 12 CSR 5011.100. Original rule filed June 17, 1986,
effective Oct. 27, 1986. Amended: Filed June
6, 1989, effective Aug. 24, 1989. Moved to 11
CSR 45-51.100, effective Aug. 28, 1995.
*Original authority: 313.580, RSMo 1986.