Victorian Current Acts

GAMBLING REGULATION ACT 2003 - SECT 3.4.33

    (1)     If—

        (a)     a gaming operator's licence held by a person ( the former licensee ) expires; and

        (b)     the Commission grants a gaming operator's licence to a person other than the former licensee, or a related entity of the former licensee, being a licence that commences within 6 months after that expiry; and

        (c)     the Commission does not grant a gaming operator's licence before the expiration of that period to the former licensee or a related entity of the former licensee—

the former licensee is entitled to be paid an amount equal to the licence value of the licence held by the former licensee or the premium payment paid by the holder of the licence referred to in paragraph (b), whichever is the lesser.

    (2)     The payment under subsection (1) must be made not later than 30 days after the commencement of the new licence and the Consolidated Fund is appropriated to the necessary extent for the payment to be made.

    (3)     In this section, "licence value", in relation to the gaming operator's licence held by the former licensee, means the amount determined in accordance with the formula—

$520 000 000 × A

where—

        (a)     A     is the amount calculated in accordance with the formula—

where—

B     is the aggregate sum of the actual daily net cash balance (within the meaning of section 3.6.2) of gaming machines of the former licensee for each day from and including 1 January 1995 to and including the last day of the period of the former licence—

but—

        (b)     if the amount so calculated is less than 0·25, A is 0·10;

        (c)     if the amount so calculated is more than 0·25 and less than 0·45, A is 0·45;

        (d)     if the amount so calculated is more than 0·45 but less than 0·85, A is 0·85;

        (e)     if the amount so calculated is more than 1·15, A is 1·15.