Senate Bill No. 198–Senators Neal and Titus

February 16, 1999

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Referred to Committee on Judiciary

 

SUMMARY—Revises certain definitions for purposes of Nevada Gaming Control Act. (BDR 41-222)

FISCAL NOTE: Effect on Local Government: No.

Effect on the State or on Industrial Insurance: No.

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

 

AN ACT relating to gaming; revising the definitions of "representative of value" and "wager" for purposes of the Nevada Gaming Control Act; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

1-1 Section 1. NRS 463.01862 is hereby amended to read as follows:

1-2 463.01862 "Representative of value" means any [instrumentality used

1-3 by a patron in a game whether or not the instrumentality may be redeemed

1-4 for cash.] chip, token, wagering credit, wagering instrument or other

1-5 instrumentality approved by the board that is redeemable for an amount

1-6 of cash, cash equivalents, goods or services that is at least equal to its

1-7 value for wagering purposes.

1-8 Sec. 2. NRS 463.01962 is hereby amended to read as follows:

1-9 463.01962 "Wager" means a sum of money or representative of value

1-10 that is risked [on] :

1-11 1. On an occurrence for which the outcome is uncertain [.] ; and

1-12 2. In a transaction in which each person who is a party thereto has a

1-13 chance of gain and a risk of loss.

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