DOCSLIB.ORG

Exhibil 99.1

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Exhibil 99.1 Exhibil 99.1 DESCRIPTION OF GOVERNMENT REGULATIONS Tlte ownership and operaiion of casino gaming facilities are subjecl to extensive stale and local regulations. We are required to ohlaiti and maintain gaining licenses in each of the juri.sdictions in which we conduct ganiing. The limitation, conditioning or .su.'ipen.sion ofgaming licenses could (ond ihe revocation or non-renewal ofgaming licenses, or the failure lo reauthorize gaming in certain jurisdictions, would) materially och'ersely affecl our operaiion in thai jurisdiction. In addition, changes in law thai restrict or prohibit our gaming openilions in any jurisdiction could hove a maierial adverse effect on us. LouisUina In July 1991, Louisiana enacted legislation pennilUng certain types of gaming aclivii>' on certain rivers and waterways in Louisiana. Tlie legislation gnmted auUiority to supervise riveiboat gaining actiyities lo die Louisiana Riverboai Gaming Conuitission and ihe Riveriioai Gaming Enforcement Division oflhe Louisiana Stale Police. TIK Louisiana,Rivertioal Canting Conuitission .was aulhorized to hear and detemiinc all appeals relative to the granting, suspension, revocation, condition or renewal ofall licenses; perrails and applications. In addition, the Louisiana Riverixial Gaming Coiiunission established regulations conceniing authorized rotites, duration of excursions, minimum levels of insurance, construction of riverboats and periodic inspections. The Riverboat Gaming Enforcement Division oflhe Louisiana Slate Police was authorized to investigate apphcants and issue licenses, investigate violations ofthe statute and conduct continuing reviews ofgaming activities. In May 1996, regulatoiy oversight of riverboai ganting was transferred to the Louisiana Ganting Conlrol Board, witich is comprised of itinc voting members appouiied by the govemor. The Louisiana Gaming Conlrol Board now oversees all licensing matters for rT\'eiboal casinos, land-based casinos., racinos, video poker and certain inspects of Native American ganiing other than those responsibilities reser\'ed to tlie Louisiami Slate Police. The Louisiaiui Gaming Conlrol Board is empowered lo issue up to 15 licenses lo conduci gaming activities on a riverboat in accordance with applicable law. However, no more tiian six licenses may be granted lo rivcrtioats'opcraling from any one designaied walerwa>'. Tlie Louisiana State Police continues to be im'oKcd broadly in gimtingenforceineni and repons to the Louisiana Gaming Conlrol Board. Louisiana law permits Uie Louisiana Stale Police, among odier tltings, to continue lo (1) conduct suilabilily investigaUons, (2) audiL investigate and enforce compMance wilh standing regidations, (3) iititiate etiforcemenl and adminisirative actions and (4) perfonn "all oUicr duties and functions necessary for the efficient, efficacious, :uid thorough regulation and control ofgaming activities and operalions" under the Louisiana Gaming Control Board's jurisdiction. Louisiana ganiing law specifies certain restrictions relatingto the operation of riveiboat gaming, inchiding llie following; • agents ofthe Louisiana Slate Police are pemtitted on board at any time during gaming operations; • g;iming devices, equipnienl and supplies may onlybe purclijised or leased from pennittcd suppUers and, wiih respect to ganting equipmem, from pennitted manufacturers; • gaming may only lake place in die designaied ganting area wltile Ihe riveiboat is docked on a designated river or i\'aler\vay; • gaming equipineni may not be possessed, maintained or exhibited by any person on a riveiboat except in the specifically designated ganiing area or in a secure area used for inspection, repair or storage ofsuch equipment: • wagers may be received oiUy from a person present on a licensed rivertioat: Source: ISLEOF CAPRI CASINOS INC. lO-K, June 25, 200-9 Fowrrre^^nyMcmincstar Doriimsm Fiftseardi**" • persons under 21 are not perntiited in designated gaming areas; • e.xcept for slot machine plav. wagers may be made only wilh tokens, chips or electronic cards purchased from the licensee aboard a riverboai; • licensees nwy only use docking facilities and rouies for which they are licensed and may only board and discliarge passengers at ihe riveiboal's licensed berth; • licensees must have adequate protection and indcnutily insurance; • licensees must have all necessary federal and stale licenses, certificates and other regulatoiy approvals prior to operating a riveiboat; aixl • gaming may ordy be conducted inaccordance with tlic,tenns ofthe license and Louisiana law. To receive a gaming license in Louisiana, an applicant mustbe found to be a.person of good character, honest>' and integrity and a person whose prior activities, criminal record, if any, reputation,,hjibits and associations do not (I) pose a dircat to die public inierest of the Slate of Louisiana or to die effective regulation and control of ganting or (2) create or enliance Uie dangers of unsuitable, unfair or illegal practices, methods and activities in Uie conduct of gaming or die carr>'iiig on of business and financial arrangemenls of gaming activities. In addition, die Louisiana Ganiing Control Board will'not grant a license unless it finds that, among other things: • the applicant can demonstrate the capability, cither through training, education, business experience ora combination oflhe preceding, to operate a gaming operaiion; • the proposed finjincing oflhe rivcrboal and the gaiiting operations is adequate fordic nature ofthe proposed operaiion and is from a suitable and acceptable source; • Uie applicani demonslniles a proven abdity lo operate a vessel of comparable size, capacih' and complexity to a riverboat so as to ensure the Siti'el}' of its passengers; • the applicani submits wilh iis application fora license a detailed plan of design oflhe riverboat; • the applicani designates the docking facilities to be used by the riverboai; • ihe applicani shows adequate financial ability to consmict and mainiain a riverboat: and • the applicant has a good faith plan to rccmiL, train and upgrade minorities in all employnient classifications, Au iitilial hcense to conduct rived)oat ganting operations is valid for a tenn of five years and legislation passed in the 1999 legislative session provides for renewals eveiy five years tiiereafler. Louisiana ganiing law^ provides dial a renewal applicalion for the period succeeding the iititia! five-yeartennof an operaior's license must be made to the Louisiana Gaining Control Board and musl include a statement under oaih ofany and all changes in infonuation, including financial infonmtion, provided in the previous application. Tlic transferof a license oran inieresi in a hcense is prohibiied. Agaming license is deemed lobe a privilege under Louisiana law and, as such, may be deitied, revoked, suspended, conditioned or limiled at any time by the Louisiana (Janting Control Board. Tlie Isle-Lake Charles received its first five-year renewal of its licenses on luly 20, 1999 and received its second fiye-year renewal of its nvo licenses on Mareh 29, 2005. On March 24, 2009, the Isle-Lake Charles filed an application for a third five-year renewal of its two licenses. The two five-year renewal applications are presentiy pending approval. Certain persons affiliated wilh a riverboai gaining licensee, including directors and officers of Ihe licensee, direclors and officers of any holding company of the licensee involved in gaming operalions, persons holding 5% or greater interests in the licensee and persons exercising influence over a licensee, arc subject lo die applicalion and suitability requirements of Louisiana gaming law. Source: ISLE OF CAPRI CASINOS INC. 10-K, June 25. 2009 F£jv.™-fti1 by V,tEr.|rgs!ar Dcfumeni Rf r.earcfi-'^^ The sale, purchiisc, assigmnent, transfer, pledge or other hypothecation, lease, disposition or acquisilion by any person of securities Uiat represent 5% or more of Uie total outsianding shares issued by a licensee is subjecl to Uie'approval of the Louisiana Ganting Control Board. A security issued by a licensee musl generally disclose ihese resiriclions. Prioi"approval from the Louisiana Gaming Conlrol Board is required for llie sale, purchase, assignment, transfer; pledge or oihcr hypoUiecation, lease, disposilion or acquisition ofany ownership interesi of 5% or more ofany non-corporate licensee or for the transfer ofan)' "economic interest" of 5% or more of any licensee or affiliated gaming person. An "econontic interest" is defined as any interest whereby a person receives or is entitled to recei\'e, by agreement or olhenvise, aprofit, gain, thing of value, loan, crcdit, security intcrestiownersltip interest or oUier benefil. Fees payable to the slale for conducling gaming activities ona rivertioat include (1) $50,000 per riyerboat for llie first year of operation and $ 100.000 per year per riverboat thereafter, plus (2) 18.5% of net gantiiig proceeds. Legislation was passed during the 2001 legislative session that allowed those riverboats tltit had been required to conduci cruises, including Uie riverboats at ihe Isle-Lake Cliaries, lo remain pcnnanenlly dockside begituting April 1,2001. The legislalion also increased the gaming tax for operators from 18.5% to 21.5%, A statute also authorizes local goveming audiorities lo levy boarding fees. We curreiUly liave developmeni agreemems in Lake Cliarlcs w'iili certain local goventing aulhorilies in the jurisdiciions in which wc operate pursuanl lo witich we make payments in lieu of boaniing fees. A licensee must
Load more

Recommended publications
  • Executive Intelligence Review, Volume 24, Number 36, September
    EIR Founder and Contributing Editor: Lyndon H. LaRouche, Jr. Editorial Board: Melvin Klenetsky, Lyndon H. LaRouche, Jr., Antony Papert, Gerald Rose, From the Associate Editor Dennis Small, Edward Spannaus, Nancy Spannaus, Jeffrey Steinberg, Webster Tarpley, William Wertz Associate Editor: Susan Welsh any people who enjoy attacking “corruption” in Washington, Managing Editors: John Sigerson, M Ronald Kokinda do not seem to notice how far they themselves have gone, toward Science Editor: Marjorie Mazel Hecht participating in the moral and cultural corruption of which America’s Special Projects: Mark Burdman Book Editor: Katherine Notley addiction to gambling is a prime example. Do you think it is “innocu- Advertising Director: Marsha Freeman ous” to scratch off a couple of lottery tickets every week at the grocery Circulation Manager: Stanley Ezrol store? Then read John Hoefle’s thoroughly documented Feature on INTELLIGENCE DIRECTORS: who really runs Gambling, Inc. Asia and Africa: Linda de Hoyos Counterintelligence: Jeffrey Steinberg, Regular readers of EIR, and of our bestselling book Dope, Inc., Paul Goldstein Economics: Marcia Merry Baker, will not be surprised to find out that gambling is the money-launder- William Engdahl ing arm of the British oligarchy’s drug empire. Hoefle writes: “As History: Anton Chaitkin Ibero-America: Robyn Quijano, Dennis Small the drug trade has grown, the demands upon its money-laundering Law: Edward Spannaus arm have rapidly expanded. One major component of this money- Russia and Eastern Europe: Rachel Douglas,
    [Show full text]
  • Major Companies of Gambling, Inc
    Click here for Full Issue of EIR Volume 24, Number 36, September 5, 1997 What follows, are profiles of some of the major gambling companies that are not covered in detail elsewhere in this Major companies Feature. Harrah’s Entertainment, Inc. of Gambling, Inc. 1023 Cherry Road Memphis, TN 38117 “We annually compare gambling to large-scale American corporate business through U.S. Gambling, Inc. (USGI), a What is known today as Harrah’s Entertainment, Inc., began fictional holding company for the nation’s lotteries and casi- in 1952 as Kemmon Wilson’s Holiday Inns of America. The nos and other commercial games,” Christiansen/Cummings company went public in 1957, and opened its 1,000th hotel Associates stated in its 1995 Gross Annual Wager. “Consum- in 1968. Holiday Inns moved into casino gambling in 1979, ers spent $44.4 billion on gambling in 1995. Had those buying a 40% stake in the River Boat Casino in Las Vegas gross revenues been booked by U.S. Gambling, Inc. the hold- (and bought the remaining 60% in 1983). In 1980, it bought ing company would have ranked 11th in the 1995 Forbes Harrah’s, the Nevada casino company which had begun as a Sales 500, up a notch from last year and its highest comparison bingo parlor in Reno, Nevada, in 1937. In 1985, Holiday Inns since we began these comparisons in 1982.” That would, it changed its name to Holiday Corp., and the following year, continued, put Gambling, Inc. above DuPont, which had faced with a hostile takeover attempt by Donald Trump, with $36.5 billion in sales, and below Philip Morris, which had whom the company was building a second casino in Atlantic $53.1 billion.
    [Show full text]
  • Vol. 2 No. 4 Special Katrina Issue 2006
    VOL. 2 NO. 4 SPECIAL KATRINA ISSUE 2006 A PUBLICATION OF THE INTERNATIONAL MASTERS OF GAMING LAW Supplement to Casino Enterprise Management magazine President Michael Lipton Elkind & Lipton, LLP Toronto, Ontario, Canada (416) 367-0871 Vice President Robert Stocker, ll Dickinson Wright, PLCC Lansing, Michigan, USA (517) 487-4715 Secretary Anthony R. Coles Jeffrey Green Russell London, England 011 44 207 339 7000 Treasurer & Membership Director James B. Deutsch Blitz, Bardgett & Deutsch, L.C. Jefferson City, Missouri, USA (573) 634-2500 Vice President Affiliate Members John Sullivan Territory Incorporated Las Vegas, Nevada, USA (702) 222-1402 President 2002 Frank Catania Catania Consulting Group North Haledon, New Jersey, USA (973) 427-2500 President 2004-2005 Anthony N. Cabot Lewis & Roca, LLP Las Vegas, Nevada, USA (702) 949-8280 President 2003 Heidi McNeil Staudenmaier Snell & Willmer, LLP Phoenix, Arizona, USA (602) 382-6366 IMGL Executive Director Melissa Lurie International Masters of Gaming Law Boulder, CO, USA (303) 449-9955 Casino Lawyer is published four times a year by Casino Services Publishing, LLC . Copyright © VOLUME 2 NUMBER 4 Special Issue 2006 2006 IMGL Inc. This material may not be reproduced without written permission. 1 Casino Lawyer Summer 2006 Summer 2006 Casino Lawyer 1 It has been one year since the fury of year, the clean-up is nearly complete, Hurricane Katrina brought unimagin- much of the important planning is able devastation to the U.S. Gulf Coast, done, and the rebuilding effort is in its economy and its people. full swing. Today, our most indelible images are Despair is giving way to rebirth.
    [Show full text]
  • ELDORADO RESORTS, INC. (Exact Name of Registrant As Specified in Its Charter) Nevada 46-3657681 (State Or Other Jurisdiction of (I.R.S
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File No. 001-36629 ELDORADO RESORTS, INC. (Exact name of registrant as specified in its charter) Nevada 46-3657681 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 100 West Liberty Street, Suite 1150 Reno, Nevada 89501 (Address of principal executive offices) Telephone: (775) 328-0100 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol Name of each exchange on which registered Common Stock, $.00001, par value ERI NASDAQ Stock Market Securities registered pursuant to section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Isle of Capri Casinos, Inc. Part 2 of 7
    ISLE OF CAPRI CASINOS, INC. PART 2 OF 7 t^ Category 2 Application and Disclosure Information Form Isle of Capri.Casinos, Inc fin connection with Tower Entertainment, LLC - Docket ^73496-1} APPENDIX 11 11.A ANNUAL REPORTS PREPARED ON THE SEC'S 10K FOR THE LAST FIVE (5) YEARS. Pleaseseethe CD attached in Appendix 8 which contains the responses to Appendix 8, 9,11, 12, 13, 14,15, and 16.. 11.B COPIES OF ANNUAL OR QUARTERLY FILINGS FOR THE LAST FIVE (5) YEARS REQUIRED UNDER THE LAWS OFA REGULATORY AGENCY OF ANOTHER COUNTRY. None. ISLE OF CAPRI CASINOS INC (ISLE) 10-K Annual report pursuant to section 13 and 15(d) Filed on 06/14/2012 Filed Period 04/29/2012 ii£M THOMSON REUTERS THiDMSON REUTERS AGCELUS' Use these links to rapidly review the document lABLE OF CONTE.NTS ITEM 8. FINANCIAL STATEMENTS AND SUPPL^i:^fENTARY DATA Table of Contents UNITEDSTATES SECURITIES AND EXCikANGE COMMISSION Waitiingioa, D.C. 20.^49 FORM 10-K (Mark One) E ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 - For the riscal year ended April 29,2012 OR n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934 l-'nr ihe IrHnsilion period from In, ' Cotrnnusian l-Ue Number 0-20538 ISLE OF CAPRI CASINOS, INC; (EAaclB.imenf regi.suani as .specified ia itsrfiarlcr) Delaware .)I;1A59606 (Siaic or oihec jurisdiction of {I.R.S, Ertiployci iticorponiliun or iv^unizalioii) I dent ifi cai ion Number) 600 Emcruin Ro;id.
    [Show full text]
  • Isle of Capri Casinos, Inc. 2011 Annual Report CORPORATE OVERVIEW
    our STRATEGY in ACTION RESTYLING our BRANDS and BUSINESS Isle of Capri Casinos, Inc. 2011 Annual Report CORPORATE OVERVIEW Founded in 1992, Isle of Capri Casinos, Inc. is dedicated to providing our customers with an exceptional gaming and entertainment experience at each of our 15 casino properties. The company owns and operates casinos in Biloxi, Lula, Natchez and Vicksburg, Missis- sippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri; two casinos in Black Hawk, Colo- rado; and a casino and harness-racing track in Pompano Beach, Florida – with an excit- ing new gaming facility under development in Cape Girardeau, Missouri. Isle of Capri is traded on the NASDAQ stock exchange under the ticker symbol ISLE. Isle of Capri Casinos, Inc. 2011 Annual Report – page 1 EXECUTIVE CHAIRMAN’s LETTER to SHAREHOLDERS When Isle of Capri’s new management team came putting the customer first; and we continue to aboard three years ago, we set out to transform the implement a strategy designed to simplify our company by building a stronger business model property portfolio to two distinct brands with based on fundamental operating principles and different business models and distinct character. fiscal discipline. We developed and implemented a comprehensive plan to strengthen operations by Exceptional Leadership exceeding customer expectations, and aggressively None of this would be possible without an incredible moved to align operating strategy with the evolving team of experienced gaming professionals led by needs of customers to forge a solid platform for Virginia McDowell, who was recently appointed sustainable success. president and chief executive officer of our company.
    [Show full text]
  • MGM Resorts International (“MGM Resorts International”1) and 1 Percent by Paul C
    INVESTIGATIVE REPORT FOR THE MASSACHUSETTS GAMING COMMISSION APPLICANT: Blue Tarp reDevelopment, LLC 3950 Las Vegas Boulevard South Las Vegas, NV 89119 November 27, 2013 Category 1 Gaming License Entity Gaming License Investigation: Blue Tarp reDevelopment LLC 1 Executive Summary Introduction Blue Tarp reDevelopment LLC (“Blue Tarp”) has filed an application to the Massachusetts Gaming Commission (“MGC” or “Commission”) for a Category 1 gaming license. Blue Tarp proposes to build and operate a casino gaming facility in Springfield, MA, utilizing approximately 14.5 acres of land over a multi-block area. The projected cost is estimated at $800 million. Blue Tarp is a Massachusetts Limited Liability Company formed on February 23, 2012, and currently owned 99 percent by MGM Resorts International (“MGM Resorts International”1) and 1 percent by Paul C. Picknelly. Its current principal place of business is 3950 Las Vegas Boulevard South, Las Vegas, NV. MGM Resorts International is publicly held. MGM Resorts International is a Delaware Corporation formed on January 29, 1986, and is located at 3600 Las Vegas Boulevard South, Las Vegas, NV. Its primary business is the ownership and operation of casino resorts. MGM Resorts International is the parent holding company of numerous subsidiary entities that collectively own, operate, and invest in casino resorts worldwide. MGM Resorts International operates 15 wholly owned casino resorts in the United States. Its primary venue is in Las Vegas, where its properties are Bellagio, MGM Grand Las Vegas, Mandalay Bay, The Mirage, Luxor, New York-New York, Excalibur, Monte Carlo and Circus Circus Las Vegas. It also operates casino resorts in Detroit, MI; Biloxi and Tunica, MS; Reno, Jean and Henderson, NV and has interests in other domestic casinos.
    [Show full text]
  • Directions Lead to Fun
    ISLE OF CAPRI CASINOS, INC. | 2007 ANNUAL REPORT > ALL DIRECTIONS LEAD TO FUN www.islecorp.com ISLE OF CAPRI CASINOS, INC. 600 Emerson Road, Suite 300, St. Louis, MO 63141 2 0 0 7 | ANNUAL REPORT © 2007 Isle of Capri Casinos, Inc. All Rights Reserved. Our vision – to be the best gaming company for our communities, our team members, our guests and of course, our investors – remains clear. We continue to upgrade existing properties, fine-tune our business models and focus on enhancing the customer experience across all of the Isle of Capri® Casinos’ brands. – Bernard Goldstein > LETTER TO SHAREHOLDERS Dear Shareholders, As we look back on fiscal 2007, Isle of Capri® Casinos met and exceeded many short-term objectives while successfully implementing long-term strategies for continued growth and expansion. Our customers and communities continue to feel the positive energy exhibited by our team members as we deliver a fun-filled and entertaining gaming experience at our properties. In fiscal 2007, we evaluated our portfolio and began to strategically evolve our mix of properties, examined various development scenarios and investigated emerging gaming markets. As part of this evaluation, we completed the sale of our properties in Bossier City, La. and Vicksburg, Miss. We opened a hotel at our Boonville, Mo. property and by fiscal year-end construction was well underway at new properties in Waterloo, Iowa and Coventry, England. And, in April, we launched our newest brand, the isle,® with the opening of the isle casino & racing at pompano park, offering exciting gaming options, including 1,500 slots, live harness racing and poker, with a variety of terrific restaurant selections.
    [Show full text]