Application For Final Approval For Involvement In Foreign Gaming

Application For Final Approval For Involvement In Foreign Gaming. (a) Unless a licensee has been granted continuous approval for involvement in foreign gaming, an application for final approval for involvement in foreign gaming must be filed with the Executive Director as soon as practicable and 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, whichever occurs first. The application shall be made on such forms as may be prescribed by the Executive Director. Failure to timely file an application may constitute grounds for denial. (b) The application must: 1. Provide information about the proposed involvement in foreign gaming, to the extent it is practicable, as would be required in an application for a similar involvement in Mississippi gaming; 2. Provide a description of the regulatory system that will govern the proposed involvement in foreign gaming; and 3. An application/investigation fee of two thousand dollars ($2,000.00). The application shall pay the cost of any additional investigation as required by the Executive Director. (c) The applicant shall file with the application a descriptive index of all application forms and related documents filed with the foreign jurisdiction by the applicant or by any entity affiliated with the applicant. (d) The applicant shall maintain within the State of Mississippi, and make available for examination by the Executive Director, executed copies of all application forms and related documents filed with the foreign jurisdiction by the applicant or by any applicant affiliated with the applicant. (e) The Commission shall consider all relevant information in considering the application, including, but not limited to, the following: 1. Whether the applicant has provided sufficient reason for belief that the foreign gaming operation for which involvement is proposed will be conducted in accordance with the standards of honesty and integrity required of gaming activities in Mississippi and will pose no threat to gaming control in this state; 2. Whether an effective accounting system will be implemented in the foreign gaming operation for which involvement is proposed that will prevent the employment of any techniques that could result in the avoidance of any Mississippi gaming license fees or taxes; 3. 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; 4. The current business activities and investments of the licensee and its gaming affiliates; 5. The regulatory history of the licensee and its affiliates in Mississippi and in foreign jurisdictions; 6. The availability and accessibility in Mississippi of information to the Commission regarding the Mississippi operation and the involvement in the foreign jurisdiction for which application has been made; 7. The extent of personnel capable of managing both the licensee's Mississippi gaming businesses and the foreign gaming operation; 8. Whether the 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; 9. Whether the 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 10. 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. (f) The final approval may be limited or conditioned in any manner deemed reasonable by the Commission. (Adopted: 12/30/1992.)