Application For Continuous Approval For Involvement In Foreign Gaming

Application For Continuous Approval For Involvement In Foreign Gaming (a) A licensee who has been granted continuous approval for involvement in foreign gaming is exempt from compliance with preliminary approval and final approval, unless otherwise required by the Commission. (b) An application for continuous approval for involvement in foreign gaming shall be: 1. Made on such forms as may be prescribed by the Executive Director; 2. Accompanied by an application fee of four thousand dollars ($4,000.00), the applicant shall pay the cost of any additional investigation as required by the Executive Director; and 3. Be supplemented by such information as the Executive Director may request. (c) By filing the application, the licensee agrees: 1. To conduct any foreign gaming operations in accordance with the standards of honesty and integrity required for gaming activities in this state; 2. That foreign gaming operations will be lawfully conducted in the foreign jurisdiction, and that the licensee's involvement will pose no threat to gaming control in Mississippi; and 3. To utilize an effective accounting system in the foreign jurisdiction which is designed to prevent the employment of techniques to avoid payment of Mississippi license fees and taxes. (d) The Commission shall consider all relevant information in determining whether to grant continuous approval including, but not limited to, the following: 1. The business history of the applicant, 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 applicants and its gaming affiliates; 3. 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; 4. The regulatory history of the applicant and its affiliates in Mississippi and in foreign jurisdictions; 5. The availability and accessibility in Mississippi of information regarding the Mississippi operation and any foreign operation; 6. The extent of personnel capable of managing both the Mississippi operation and the foreign operation; 7. Whether a foreign gaming operation will create an significant risk that the applicant or its gaming affiliates will not satisfy their financial obligations as they become due; and 8. Whether a foreign gaming operation will create a significant risk that the applicant or its affiliates will not satisfy all financial and regulatory requirements imposed by the laws of Mississippi and the regulations of the Commission. (e) The Commission may grant continuous approval to participate in foreign gaming for a period of up to two (2) years and may impose whatever conditions upon a continuous approval to participate in foreign gaming operations it deems reasonable. (f) A licensee who has received continuous approval to participate in foreign gaming must continuously and promptly inform the Executive Director of each and every material action or step taken concerning a specific transaction, leading up to the execution of a definitive agreement for the conduct of foreign gaming. (g) After receiving continuous approval, a licensee intending to commence foreign gaming operations shall notify the Executive Director of his intent as soon as practicable, but in no event later than forty-five (45) days before actual commencement of the operations and shall provide documentation related to such proposed operation that must include in addition to any other information required by the Executive Director: 1. The information required by Mississippi Gaming Commission Regulation Part 2,