(a) Sections 515 and 516 of this chapter do not apply to any gross revenues derived from the operation of the casino at the horse racetrack in St. Croix and St. Thomas. Gross revenues derived at the racetrack casino in St. Croix and St. Thomas are not subject to gross receipts tax. Gross revenues received by the holder of a Lease-Franchise or Concession pursuant to 32 V.I.C. § 209 and derived from a License Agreement with the operator of the racetrack casino in St. Croix and St. Thomas are not subject to gross receipts tax.
(b) There is imposed on the racetrack casino in St. Croix and St. Thomas an annual tax of 25 percent on gross revenues as defined in Section 402 of this Title.
(c) Monies derived through taxation of casino gaming at the horse racetrack in St. Croix and St. Thomas are separate and apart from any live racing agreement between the racetrack operators and the St. Croix Horsemen Association or St. Thomas Horsemen Association.