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.
History: Laws 2007, ch. 39, § 6.
Delayed repeals. — For delayed repeal of this section, see 60-1A-29 NMSA 1978.
Structure New Mexico Statutes
Chapter 60 - Business Licenses
Section 60-1A-1 - Short title. (Repealed effective July 1, 2022.)
Section 60-1A-2 - Definitions. (Repealed effective July 1, 2022.)
Section 60-1A-4 - Commission; powers; duties. (Repealed effective July 1, 2022.)
Section 60-1A-6 - Classification of racetrack licenses. (Repealed effective July 1, 2022.)
Section 60-1A-12 - Stewards; powers; duties. (Repealed effective July 1, 2022.)
Section 60-1A-14 - Testing specimens. (Repealed effective July 1, 2022.)
Section 60-1A-14.1 - Racehorse testing fund; created; purpose. (Repealed effective July 1, 2022.)
Section 60-1A-16 - Simulcasting. (Repealed effective July 1, 2022.)
Section 60-1A-17 - Interstate common pool wagering; authorized. (Repealed effective July 1, 2022.)
Section 60-1A-18 - Daily pari-mutuel tax; imposed; rate. (Repealed effective July 1, 2022.)
Section 60-1A-22 - Payment of taxes; payment of license fees. (Repealed effective July 1, 2022.)
Section 60-1A-23 - Horse racing suspense account. (Repealed effective July 1, 2022.)
Section 60-1A-24 - Breeders' awards. (Repealed effective July 1, 2022.)
Section 60-1A-26 - Illegal use of pari-mutuel wagering. (Repealed effective July 1, 2022.)
Section 60-1A-29 - Termination of agency life; delayed repeal. (Repealed effective July 1, 2022.)
Section 60-1A-30 - Temporary provisions [Terms continued]. (Repealed effective July 1, 2022.)