The purpose of this bill is to end transfers to the Licensed Racetrack Modernization Fund; transfer funds remaining in the Licensed Racetrack Modernization Fund and the Historic Resort Hotel Modernization Fund to the General Revenue Fund of the state during the fiscal year ending June 30, 2017; provide exceptions for recoupment of certain expenditures for eligible facility modernization improvements from the Licensed Racetrack Modernization Fund; and close the Licensed Racetrack Modernization Fund and the Historic Resort Hotel Modernization Fund.