New Mexico § 60-1A-6 - Classification of racetrack licenses

§ 60-1A-6. Classification of racetrack licenses

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.