Application For Preliminary Approval For Involvement In Foreign Gaming

Application For Preliminary Approval For Involvement In Foreign Gaming. (a) Unless a licensee has been granted continuous approval for involvement in foreign gaming, the licensee may apply for preliminary approval for a proposed involvement in foreign gaming. The application shall be made on such forms as may be prescribed by the Executive Director. The licensee shall pay an application/ investigation fee of two thousand dollars ($2,000). The applicant shall pay the cost of any additional investigation as required by the Executive Director. (b) A preliminary approval for a proposed involvement in foreign gaming constitutes a finding by the Commission that, based upon consideration of the information submitted by the licensee, it finds no present reason to object to the proposed involvement. The preliminary approval may be limited or conditioned in any manner deemed reasonable by the Commission. (c) A preliminary approval does not: 1. Constitute final approval for the proposed involvement in foreign gaming; or 2. Obligate the Commission to grant final approval for the proposed involvement in foreign gaming. (d) The Commission shall consider all relevant information in considering the application for preliminary foreign gaming approval including, but not limited to, the following: 1. The business history of the licensee, including its record of financial stability, and the integrity, duration, scope and success of its operations in Mississippi and elsewhere; 2. The current business activities and investments of the licensee and its gaming affiliates; 3. The regulatory history of the licensee and its affiliates in Mississippi and in foreign jurisdictions; 4. The availability and accessibility in Mississippi of information to the Commission regarding the Mississippi operation and the operation in the foreign jurisdictions for which application has been made; 5. The extent of personnel capable of managing both the licensee's Mississippi gaming businesses and the foreign operation; 6. Whether a foreign gaming operation will create a significant risk that the licensee or its gaming affiliates will not satisfy their financial obligations as they become due; 7. Whether a foreign gaming operation will create a significant risk that the licensee or its gaming affiliates will not satisfy all financial and regulatory requirements imposed by the laws of Mississippi and the regulations of the commission; and 8. The current financial status and structure of the applicant, both within and without Mississippi, including historical and perspective balance sheets and statements of operation for business activities in Mississippi and other jurisdictions, key financial statistics such as debt to equity ratios and other financial data. (e) A preliminary approval for a proposed involvement in foreign gaming granted by the Commission pursuant to this regulation shall terminate automatically if: 1. The licensee or its affiliate has not commenced in involvement in foreign gaming within two (2) years after grant of the preliminary approval; 2. The licensee or its affiliate has commenced the involvement in foreign gaming but the licensee has failed to file with the Executive Director the supplemental application for final foreign gaming approval required by paragraph 7 hereof; or 3. The preliminary approval has not been extended by the Commission. (f) A licensee who has received preliminary approval of a proposed involvement in foreign gaming must continuously and promptly inform the Executive Director of each and every material action or step taken concerning the proposed involvement, leading up to the execution of a definitive agreement for the proposed involvement. (g) Unless a licensee has been granted continuous approval for involvement in foreign gaming and said continuous approval is in effect at the time of commencement of involvement in foreign gaming, a licensee granted preliminary approval for involvement in foreign gaming must file with the Executive Director an application for final approval for involvement in foreign gaming as soon as practicable, but in no event later than thirty (30) days after the execution of a definitive agreement pertaining to the proposed involvement or at such time as any application for licensing or related approval is made to the foreign jurisdiction for the proposed involvement, whichever occurs first. (h) If the Commission does not grant or deny the application for final approval for involvement in foreign gaming for which preliminary approval was granted within ninety (90) days after the filing of such application, unless waived by the applicant, the licensee may commence the involvement in foreign gaming for which final approval was sought. (Adopted: 12/30/1992.)