🤑 MGM petitions to keep N.J. casino license - bitvar.ru

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In , MGM agreed to sell its 50 percent ownership of the Borgata Casino Hotel and Spa in Atlantic City after New Jersey gaming investigators.


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The rules also establish numerous. The Nevada registered corporations, Mirage Resorts, Incorporated and the Nevada licensed subsidiaries have obtained from the Nevada Gaming Authorities the various registrations, approvals, permits, and licenses required in order to engage in gaming activities in Nevada. The casino licensees are subject to the licensing and regulatory control of the Mississippi Gaming Commission. The regulations are subject to amendment and interpretation by the Mississippi Gaming Commission. The Michigan Act also requires that the licensed subsidiary sell in a manner consistent with the Michigan Liquor Control Code. The Michigan Act imposes the burden of proof on the applicant for a casino license to establish its suitability to receive and hold the license. These laws and regulations include, but are not limited to, restrictions and conditions concerning alcoholic beverages, smoking, environmental matters, employment and immigration, currency transactions, taxation, zoning and building codes, land use, marketing and advertising, timeshare, lending, privacy, telemarketing, regulations applicable under the Office of Foreign Asset Control, the Foreign Corrupt Practices Act and the various reporting and anti-money laundering regulations.

The gaming industry is highly regulated, and we must maintain our licenses and pay gaming taxes to continue our operations. Entities seeking to acquire control of a registered corporation must satisfy the Nevada Board and the Nevada Commission concerning a variety of stringent standards prior to assuming control of the registered corporation.

However, to date, the Nevada Commission has not imposed such a requirement on the Nevada registered corporations. Determinations of suitability or of questions pertaining to licensing are not subject to judicial review in Nevada.

If any securities are held in trust by an agent or by a nominee, the record holder may be required to disclose the identity of the beneficial owner to the Nevada Gaming Authorities. The Nevada Commission may, in its discretion, require the holder of any debt security mgm new jersey casino license the Nevada registered corporations to file an application, be investigated, and be found suitable to hold the debt security.

Enforcement of a security interest in such equity interest is limited by the Michigan Act and the rules of the Michigan Board. Changes in control of the Nevada registered corporations through merger, consolidation, stock or asset acquisitions, management or consulting agreements, or any act or conduct by a person whereby he or she obtains control may not occur without the prior approval of mgm new jersey casino license Nevada Commission.

Mississippi Government Regulation. Any representation to the contrary is unlawful. Thereafter, we are also required to comply with certain reporting requirements imposed by the Nevada Act.

If the Nevada Gaming Authorities were to find an officer, director, or key employee unsuitable for licensing or to continue having a relationship with the Nevada registered corporations or the Nevada licensed subsidiaries, such Nevada registered corporations or Nevada licensed subsidiaries, as applicable, would have to sever all relationships with that person.

A failure to make such disclosure may be grounds for finding the record holder unsuitable.

Depending upon the particular fee or tax involved, these fees and taxes are mgm new jersey casino license either monthly, quarterly, or annually and are based upon either:. Specifically, acquisitions resulting in an interest of more than one percent of an entity, other than mgm new jersey casino license publicly traded corporation, holding a casino license are subject to the approval of the Michigan Board, and persons acquiring such interests must be found suitable by the Michigan Board.

Each gaming license requires the periodic payment of fees and taxes and is not transferable. The institutional investor and its key persons may be subject to suitability and what, casinos near lebanon, tn determinations.

Michigan Board procedures regarding licensing, disciplinary and other hearings, and similar matters. The Nevada Gaming Authorities may investigate any individual who has a material relationship to, or material involvement with, the Nevada registered corporations or any of the Nevada licensed subsidiaries to determine whether such individual is suitable or should be licensed as a business associate of a gaming licensee.

Changes in licensed positions must be reported to the Nevada Gaming Authorities, and, in addition to their authority to deny an application for a finding of suitability or licensure, the Nevada Gaming Authorities have jurisdiction to disapprove a change in a corporate position.

Certain of our subsidiaries have also been licensed or found suitable as shareholders, members, or general partners, as relevant, of the Nevada casino licensees and of the Nevada manufacturer and distributor licensees.

If the Nevada Commission determined that we or a Nevada licensed subsidiary violated the Nevada Act, it could limit, link, suspend, or revoke, subject to compliance with certain statutory and regulatory procedures, our gaming licenses and those of the Nevada licensed subsidiaries.

Proceeds of the wagering tax are shared between the State of Michigan and the City of Detroit.

An institutional investor will be deemed to hold voting securities for investment purposes if it acquires and holds the voting securities in the ordinary course of business as an institutional investor and not for the purpose of causing, directly or indirectly, the election of a majority mgm new jersey casino license the members of our board of directors, any change in our corporate charter, bylaws, management, policies, or operations, or any of our gaming affiliates, or any other action that the Nevada Commission finds to be inconsistent with holding our.

Approvals are, in certain circumstances, required from the Nevada Commission before we can make exceptional repurchases of voting securities above the current market price and before a corporate acquisition opposed by management can be consummated. Michigan Government Regulation and Taxation.

An approval, if given, does not. Officers, directors, and certain key employees of the Nevada licensed subsidiaries must file applications with the Nevada Gaming Authorities and may be required to be licensed by the Nevada Gaming Authorities.

Officers, directors, and key employees of the Nevada registered corporations who are actively and directly involved in the gaming activities of the Nevada licensed subsidiaries may be required to be licensed or found suitable by the Nevada Gaming Authorities. The applicant is required to pay all costs of investigation.

The Mgm new jersey casino license Gaming Authorities may deny an application for licensing or a finding of suitability for any cause they deem reasonable. We are required to maintain a current stock ledger in Nevada that may be examined by the Nevada Gaming Authorities at any time.

Violations of laws in one jurisdiction could result in disciplinary action in other jurisdictions. The shares held by the institutional investor must be held for investment purposes only.

Institutional investors read article less than certain specified amounts of our debt or equity securities are exempted from meeting the suitability requirements of the Michigan Act since we are a publicly traded corporation, and provided that the securities were purchased for investment purposes only and not for the purpose of influencing or affecting our affairs.

Additionally, the local authorities have taken the position that they have the authority to approve all persons owning or controlling the stock of any corporation controlling a gaming licensee.

Any 666 casino changes, new laws or regulations, or material differences in interpretations by courts or governmental authorities could adversely affect our business and operating results.

Gaming licenses are issued for a maximum term of three years and must be renewed periodically thereafter.

In addition to gaming regulations, our businesses are subject to various federal, state, and local laws and regulations of the countries and states in which we operate. Any beneficial holder of our voting securities, regardless of the number of shares owned, may be required to file an application, be investigated, and have his or her suitability as a beneficial holder of the voting securities determined if the Nevada Commission has reason to believe that such ownership would otherwise be inconsistent with the declared policies of the State of Nevada. In addition, the Nevada Commission may require the Nevada registered corporations or the Nevada licensed subsidiaries to terminate the employment of any person who refuses to file appropriate applications. We would be subject to disciplinary action by the Nevada Commission if we:. The applicant for licensing or a finding of suitability, or the gaming licensee by which the applicant is employed or for whom the applicant serves, must pay all the costs of the investigation. The Michigan Act also authorizes local regulation of casino gaming facilities by the City of Detroit, provided that any such local ordinances regulating casino gaming are consistent with the Michigan Act and rules promulgated to implement it. Nevada Government Regulation. The administrative rules of the Michigan Board prohibit the licensed subsidiary or us from entering into a debt transaction affecting the capitalization or financial viability of MGM Grand Detroit without prior approval from the Michigan Board. We will be subject to disciplinary action if, after we receive notice that a person is unsuitable to be a stockholder or to have any other relationship with us or a Nevada licensed subsidiary, we or any of the Nevada licensed subsidiaries:. In addition, any individual employed by the licensed subsidiary or by a supplier licensee whose work duties are related to or involved in the gaming operation or are performed in a restricted area or a gaming area of the licensed subsidiary must obtain an occupational license from the Michigan Board. No person may become a stockholder or member of, or. The Michigan Board is granted extensive authority to conduct background investigations and determine the suitability of casino license applicants, affiliated companies, officers, directors, or managerial employees of applicants and affiliated companies and persons or entities holding a one percent or greater direct or indirect interest in an applicant or affiliated company. If the beneficial holder of voting securities who must be found suitable is a corporation, partnership, or trust, it must submit detailed business and financial information including a list of beneficial owners. The Nevada registered corporations and the Nevada casino licensees are required to submit detailed financial and operating reports to the Nevada Commission. The revolving fund is subject to increase or decrease at the discretion of the Nevada Commission. The rules have the force of law and are binding on the Michigan Board as well as on applicants for or holders of casino licenses. Among other things, the rules impose more detailed substantive and procedural requirements with respect to casino licensing and operations. These payments are in addition to the taxes, fees and assessments customarily paid by business entities situated in Detroit. The applicant must pay all costs of investigation incurred by the Nevada Gaming Authorities in conducting any such investigation. We are also required to render maximum assistance in determining the identity of the beneficial owner. Included are requirements regarding such things as licensing investigations and hearings, record keeping and retention, contracting, reports to the Michigan Board, internal control and accounting procedures, security and surveillance, extensions of credit to gaming patrons, conduct of gaming, and transfers of ownership interests in licensed casinos. A finding of suitability is comparable to licensing, and both require submission of detailed personal and financial information followed by a thorough investigation. The licensed subsidiary is also subject to fines or forfeiture of assets for violations of gaming or liquor control laws or rules. Each of our casinos is subject to extensive regulation under the laws, rules, and regulations of the jurisdiction where it is located. The agencies involved have full power to limit, condition, suspend, or revoke any such license, and any such disciplinary action could and revocation would have a material adverse effect upon our operations. The ownership and operation of casino facilities in Mississippi are subject to extensive state and local regulation, but primarily the licensing and regulatory control of the Mississippi Gaming Commission and the Mississippi Department of Revenue. Prior to Hurricane Katrina, Mississippi law required that gaming vessels be located on the Mississippi River or on navigable waters in eligible counties along the Mississippi River, or in the waters of the State of Mississippi lying south of the state in eligible counties along the Mississippi Gulf Coast. All licenses are revocable and are not transferable. We conduct our Mississippi gaming operations through two indirect subsidiaries, Beau Rivage Resorts, Inc. Any change in the laws, regulations, and supervisory procedures of the Nevada Gaming Authorities could have an adverse effect on our gaming operations. License fees and taxes, computed in various ways depending on the type of gaming or activity involved, are payable to the State of Nevada and to the local authorities. In addition, the Nevada registered corporations and the Nevada licensed subsidiaries and the persons involved could be subject to substantial fines for each separate violation of the Nevada Act at the discretion of the Nevada Commission. Gaming licenses require the periodic payment of fees and taxes and are not transferable. The laws, regulations and supervisory procedures of Mississippi and the Mississippi Gaming Commission seek to:. A live entertainment tax is also paid on charges for admission to any facility where certain forms of live entertainment are provided. Under the ordinance, the licensed subsidiary is required to submit to the Mayor of Detroit and to the City Council periodic reports regarding its compliance with the development agreement or, in the event of non-compliance, reasons for non-compliance and an explanation of efforts to comply. Any stockholder found unsuitable and who holds, directly or indirectly, any beneficial ownership of our common stock beyond such period of time as may be prescribed by the Nevada Commission may be guilty of a criminal offense. In addition to. The Michigan Board has adopted administrative rules to implement the terms of the Michigan Act. Limitation, conditioning, or suspension of any gaming license or the appointment of a supervisor could and revocation of any gaming license would materially adversely affect our gaming operations. These laws, rules, and regulations generally concern the responsibility, financial stability, and character of the owners, managers, and persons with financial interest in the gaming operations. There are no limitations on the number of gaming licenses which may be issued in Mississippi. The Nevada Commission may also require controlling stockholders, officers, directors, and other persons having a material relationship or involvement with the entity proposing to acquire control to be investigated and licensed as part of the approval process relating to the transaction. The Nevada manufacturer and distributor licensees also pay certain fees and taxes to the State of Nevada. The Nevada registered corporations may not make a public offering of any securities without the prior approval of the Nevada Commission if the securities or the proceeds therefrom are intended to be used to construct, acquire, or finance gaming facilities in Nevada, or to retire or extend obligations incurred for those purposes or for similar purposes. If the Nevada Commission determines that a person is unsuitable to own such security, then pursuant to the Nevada Act, the registered corporation can be sanctioned, including the loss of its approvals, if, without the prior approval of the Nevada Commission, it:. Such laws and regulations could change or could be interpreted differently in the future, or new laws and regulations could be enacted. The same restrictions apply to a record owner if the record owner, after request, fails to identify the beneficial owner. A casino license is valid for a period of one year and the Michigan Board may refuse to renew it upon a determination that the licensee no longer meets the requirements for licensure. The sale of alcoholic beverages by the Nevada licensed subsidiaries is subject to licensing, control, and regulation by the applicable local authorities. Activities that are not deemed to be inconsistent with holding voting securities for investment purposes only include:. The Nevada legislature has declared that some corporate acquisitions opposed by management, repurchases of voting securities, and corporate defensive tactics affecting Nevada gaming licensees and registered corporations that are affiliated with those operations may be injurious to stable and productive corporate gaming. The applicant must establish its suitability as to integrity, moral character and reputation, business probity, financial ability and experience, responsibility, and other criteria deemed appropriate by the Michigan Board. The laws, regulations, and supervisory procedures of the Nevada Gaming Authorities are based upon declarations of public policy that are concerned with, among other things:.