Gross Receipts (Gaming Law) Law and Legal Definition
Gross receipts are the total revenue received from licensed gaming activities. It includes all amounts received or not received or is due. The total amount received before any approved expenses have been deducted can be said to be gross receipts.
The following is an example of a state statute (Michigan) defining the term “gross receipts” :
According to MCLS § 432.202, Gross Receipts means the total of all sums including valid or invalid checks, currency, tokens, coupons, vouchers, or instruments of monetary value whether collected or uncollected, received by a casino licensee from gaming, including all entry fees assessed for tournaments or other contests, less a deduction for uncollectible gaming receivables not to exceed the uncollectible amounts owed as a result of wagers placed at or through a gambling game or 4% of the total gross receipts, whichever is less. The licensee shall not receive the deduction unless the licensee provides written proof to the state treasurer of the uncollected gaming receivables and had complied with all rules promulgated by the board regarding the issuance of credit and the collection of amounts due under a credit extension.