# Casino gaming reserve

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3 course from the reserve calculated solely by reference to the maximum stake for a single game, taking account of overall casino win or loss. The researcher would be charged with generating formulae to calculate reserve levels based on the mean of, and variations in the win and loss. A variety of approaches would be examined so that the Commission could decide at which level of probability a loss of the size of the reserve would be acceptable In addition to deriving a new win/loss based formula to set the level of the reserve, the other component of the study would be to generate a methodology to set the arrangements for repayment of the reserve. This might for instance require that any daily win above an agreed level be automatically returned to the reserve fund and take account of the pattern of wins and losses in the preceding months The intention would be to set a formula that was calculated on the basis of actual win/loss, which would bring the reserve closer to the maximum losses likely to be experienced than the present formula sets. However there would be a corresponding tightening of the arrangements such that there would be greater restrictions on access to the reserve and stricter rules for its reinstatement after use Proposals for any further change to the gaming reserve will be subject to further and wider consultation. Figure 1: Gaming reserve proposals worked example calculation Max. stake in roulette ( ) Reserve calculation ( ) (stake x 5000) Reserve if more than one table ( ) (preceding column x 125%) Contribution to group reserve (%) Contribution to group reserve ( ) Casino A 1,000 5,000,000 6,250, ,250,000 Casino B 500 2,500,000 3,125, ,250 Casino C 500 2,500,000 3,125, ,250 Casino D 200 1,000,000 1,250, ,500 Casino E , , ,250 Casino F , , ,250 Casino G , , ,250 Casino H , , ,125 Casino I , , ,125 Casino J , , ,125 Total ~ 8,828,125 Current reserve( ) 8,828,125 (~) Proposed reserve( ) 5,000,000 (#) Reduction (%) 43 Reduction ( ) 3,828,125 3

4 Figure 2: Gaming reserve proposals - impact of the proposed change calculated for a variety of casino operator examples Casino example Number of casinos Current (compound) reserve ( ) Proposed (simple) reserve ( ) Reduction in reserve (%) Reduction in reserve ( ) Single provincial 1 156, , ,250 Single London 1 18,750,000 15,000, ,750,000 Small provincial 2 703, , ,125 group Small group 4 20,156,250 15,000, ,156,250 London/provincial Medium group 8 11,000,000 5,000, ,000,000 London/provincial Large Group 32 25,000,000 10,000, ,000,000 Figure 3 Sample Casino - daily win/loss Win/loss ( ) Date Daily Win/Loss Reserve with LCCP formula Reserve with Eadington formula 1.13 The proposed revised provision (using the convention that deletions are struck through and additions underlined) is replicated below, followed by a clean copy of the licence condition as it will read if the amendments are agreed. 4

5 Part I: General conditions imposed by the Gambling Commission Suite of general conditions to be attached to operating licences under Section 75 of the Gambling Act 2005 ( the Act ) 1 Personal licences and qualified persons 3 Financial robustness 3.2 Casino gaming reserve All non-remote casino operating licences Licensees must maintain a gaming reserve. They may do so either by maintaining an Individual Reserve or by demonstrating to the reasonable satisfaction of the Commission that they have an unconditional entitlement to draw on a Group Reserve. Except with the prior written consent of the Commission, a gaming reserve must only be used for the purpose of paying winnings to customers that cannot be met from the licensee s income or working capital. Licensees must inform the Commission via its key events address: or key events postal address: Key Events, Compliance Administration Team, Gambling Commission, Victoria Square House, Victoria Square, Birmingham B2 4BP, as soon as is practical and no later than seven days after any part of the reserve is used, and (if used) when it has been fully re-instated and must agree with the Commission as soon as is practical and no later than a month after that use, a schedule for full reinstatement of the reserve. Whether the gaming reserve is held on behalf of a single casino, a number of casinos operated under a single operating licence, or a number of casinos operated under separate operating licences but all forming part of a Group Company, the reserve is calculated from whichever gaming table results in the greatest sum in accordance with the following formula: The next section concerns the calculation of individual reserves. Where only one casino is operated in reliance on the licence, the reserve is an amount calculated in accordance with the following formula: Roulette = 5,000 times the maximum stake permitted en plein / single number Blackjack = 100 times the maximum stake permitted per box Dice = 200 times the maximum stake permitted on a line bet Baccarat = 100 times the maximum stake Punto Banco = 100 times the maximum stake When more than one table is operated in a single game, the amount needed for the second table is taken as 25% of the amount needed for the first table; no further addition need be made for additional tables. Where more than one game is provided, the reserve required for each game should be calculated. The game generating the largest required reserve should be taken as indicating the total reserve required and the other games ignored. (NB: Cash reserves needed for the exchanging of chips and other operational requirements are in addition to these amounts.) Where more than one casino is operated in reliance on the licence, the reserve is such amount as represents the aggregate of: the highest of the individual reserves which would be required in respect of each of the casinos so operated, were that casino the only casino operated in 5

6 reliance on the licence; and 25% of each of the individual reserves which would be required in respect of each of the other casinos operated in reliance on the licence, were each such casino the only casino operated in reliance on the licence. The next section concerns the calculation of group reserves. A Group Reserve is a gaming reserve available to all Group Companies. A licensee is a Group Company if it is the holding company of, a subsidiary of, or shares a common holding company with, another company which holds a non-remote casino operating licence. The Group Reserve is an amount equal to the aggregate of: the highest of the individual reserves which would be required in respect of any of the casinos operated in reliance on an operating licence held by a Group Company, were that casino the only casino operated in reliance on that licence.; and 25% of each of the individual reserves which would be required in respect of each of the other casinos operated in reliance on an operating licence held by a Group Company, were that casino the only casino operated in reliance on that licence. A licensee is a Group Company if it is the holding company of, a subsidiary of, or shares a common holding company with, another company which holds a non-remote casino operating licence. For the purpose of this condition holding company and subsidiary respectively have the meaning ascribed to them by s736 of the Companies Act 1985 or any statutory modification or re-enactment thereof. Part I: General conditions imposed by the Gambling Commission Suite of general conditions to be attached to operating licences under Section 75 of the Gambling Act 2005 ( the Act ) 1 Personal licences and qualified persons 3 Financial robustness 3.2 Casino gaming reserve All non-remote casino operating licences Licensees must maintain a gaming reserve. They may do so either by maintaining an Individual Reserve or by demonstrating to the reasonable satisfaction of the Commission that they have an unconditional entitlement to draw on a Group Reserve. Except with the prior written consent of the Commission, a gaming reserve must only be used for the purpose of paying winnings to customers that cannot be met from the licensee s income or working capital. Licensees must inform the Commission via its key events address: or key events postal address: Key Events, Compliance Administration Team, Gambling Commission, Victoria Square House, Victoria Square, Birmingham B2 4BP, as soon as is practical and no later than seven days after any part of the reserve is used. Whether the gaming reserve is held on behalf of a single casino, a number of casinos operated under a single operating licence, or a number of casinos operated under separate operating 6

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Current/Cheque/Savings Account and Fixed Deposit Terms www.sc.com/sl Copyright 2015 Standard Chartered Bank Version 1.0-2015 Contents 1 Choosing the account that is right for you 1 2 Savings accounts 1