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Mississippi Gaming Commission Meeting Minutes: April 20, 2017

The Mississippi Gaming Commission held its regular monthly meeting on Thursday, April 20, 2017 at 9:00 a.m. in the Jackson office of the Mississippi Gaming Commission. Executive Director Allen Godfrey, Chairman Al Hopkins, and Commissioners Jerry Griffith and Tom Gresham were in attendance. The following matters were considered:

LICENSING

The Mississippi Gaming Commission approved a license for the following:

  • Pockaj d.o.o. as a manufacturer.

FINDINGS OF SUITABILITY

The Mississippi Gaming Commission approved findings of suitability for the following persons and entities:

  • Michael D. Rumbolz, President and CEO of Everi Holdings.

  • Eric F. Skrmetta, Landlord of BTN, LLC d/b/a Boomtown Casino Biloxi.

  • Renato Ascoli, Chief Executive Officer, North America of IGT, IGT Canada Solutions ULC.

  • Anthony L. Carano, Executive Vice President of Operations of Eldorado Resorts, Inc.

  • Donald L. Carano, Chief Executive Officer of Eldorado Resorts, Inc.

  • Gary L. Carano, Chairman of the Board and Chief Executive Officer of Eldorado Resorts, Inc.

  • Gene R. Carano, Sr. Vice President of Regional Operations of Eldorado Resorts, Inc.

  • Thomas Reeg, President and Chief Financial Officer of Eldorado Resorts, Inc.

  • David P. Tomick, Lead Independent Director and Chairman of the Audit Committee of Eldorado Resorts, Inc.

  • Recreational Enterprises, Inc. as a Greater than 5% Shareholder of Eldorado Resorts, Inc.

  • Hotel Casino Management, Inc. as a Greater than 5% Shareholder of Eldorado Resorts, Inc.

  • GFIL Holding, LLC as a Greater than 5% Shareholder of Eldorado Resorts, Inc.

  • Gaming and Leisure Properties, Inc. as a Landlord of each of RIH Acquisitions MS I, LLC and RIH Acquisitions MS II, LLC.

  • GLP Capital, L.P. as a Landlord of each of RIH Acquisitions MS I, LLC and RIH Acquisitions MS II, LLC.

OTHER APPROVALS

  • Everi Holdings Inc. received approval for the following:

    • Pledges of Equity Interests or Securities.

    • Imposition of Equity Restrictions Including Negative Equity Pledges.

  • IOC – Lula, Inc. d/b/a Isle of Capri Casino Entertainment Resort; Rainbow Casino–Vicksburg Partnership, L.P. d/b/a Lady Luck Casino; and IOC Manufacturing, Inc. received approval for the following:

    • Registration of Eldorado Resorts, Inc. as a publicly traded corporation of each of IOC – Lula, Inc.; Rainbow CasinoVicksburg Partnership, L.P.; and IOC Manufacturing, Inc.

    • Proposed Acquisition of Control of each of IOC – Lula, Inc.; Rainbow CasinoVicksburg Partnership, L.P.; and IOC Manufacturing, Inc.

    • De-Registration of Isle of Capri Corporation as a publicly traded corporation of each of IOC – Lula, Inc.; Rainbow CasinoVicksburg Partnership, L.P.; and IOC Manufacturing, Inc.

    • Registration of Eagle II Acquisition Company LLC as a holding company of each of IOC – Lula, Inc.; Rainbow CasinoVicksburg Partnership, L.P.; and IOC Manufacturing, Inc.

    • Request for Waiver of Legend Requirement.

    • Continuous Approval of Public Offerings and/or Private Placements.

    • Pledges of Equity Interests or Securities.

    • Imposition of Equity Restrictions including Negative Equity Pledges.

    • Guarantee of Securities and Hypothecation of Assets.

    • RIH Acquisitions MS I, LLC d/b/a Resorts Tunica and RIH Acquisitions MS II, LLC d/b/a Bally’s Saloon, Hotel a& Gambling Hall received approval of the following:

    • Approval of the Transfer of the Equity Interests or Securities of each of RIH Acquisitions MS I, LLC and RIH Acquisitions MS II, LLC.

    • Approval of the Transfer of Call Rights of each of RIH Acquisitions MS I, LLC and RIH Acquisitions MS II, LLC.

    • Approval of the Exercise of Call Rights of each of RIH Acquisitions MS I, LLC and RIH Acquisitions MS II, LLC.

    • Registration of Penn Tenant, LLC as a Holding Company of each of RIH Acquisitions MS I, LLC and RIH Acquisitions MS II, LLC.

    • De-Registration of RL Tunica Holdings, LLC as a Holding Company of each of RIH Acquisitions MS I, LLC and RIH Acquisitions MS II, LLC.

    • Registration of Penn National Gaming, Inc. as a Publicly Traded Corporation of each of RIH Acquisitions MS I, LLC and RIH Acquisitions MS II, LLC.

WORK PERMITS

  • The Commission approved the recommendation of the Executive Director to accept the hearing officer’s decision to revoke the work permit of Kevious Noble.

  • The Commission approved the recommendation of the Executive Director to deny a work permit to Denise Harper.

PLAYER DISPUTE 

The Commission approved the recommendation of the Executive Director to decline to review and accept the hearing officer’s decision with respect to the following:

  • Player Dispute Hearing Held and Decision Rendered on February 21, 2017 – Geraldine Southwell vs. Treasure Bay, LLC d/b/a Treasure Bay Casino.

  • Player Dispute Hearing Held and Decision Rendered on February 21, 2017 – Willie Holloway vs. Gulfside Casino Partnership d/b/a Island View Casino Resort.

PUBLIC COMMENTS 

None.

© 2017 Jones Walker LLP

TRENDING LEGAL ANALYSIS


About this Author

Thomas Shepherd, Gaming Attorney, IAGA President, 2014, Jones Walker Law FIrm
Partner

Tommy Shepherd is a partner in the firm’s Business and Commercial Transactions Practice Group. As an accomplished gaming attorney, he served as President of the International Association of Gaming Advisors (IAGA) in 2014.

Tommy represents major casino companies, Native American tribes, manufacturers, suppliers, and financial institutions regarding all matters relating to the development, financing, licensing and operation of gaming and resort facilities. His extensive experience in such matters includes public-private leases, financings, land use approvals, statutory and regulatory...

601.949.4711
Chris Pace, Business, Commercial Transactions Attorney, Jones Walker Law FIrm
Partner

Chris Pace is an attorney in the firm's Business & Commercial Transactions Practice Group and practices from the firm's Jackson office. He concentrates his practice in the areas of project finance and economic development law, state and local government law, economic development incentives and gaming law.

His clients include both county and municipal governmental bodies, as well as new and expanding business concerns such as a large steel company investing over $1 billion in a new facility, and a new regional beverage supplier investing millions of dollars to expand its existing operations. Mr. Pace has negotiated and documented various economic incentives including property, sales, use, income, and franchise tax incentives, and other incentives related to tax exempt and taxable bond financing. In the course of his work, he has assisted clients in negotiating and implementing incentives with the Mississippi Development Authority, the Mississippi Department of Revenue, and other state and local governmental entities. Mr. Pace has also negotiated and implemented economic incentives with numerous county and city governments, including the implementation of complex fee-in-lieu of property tax agreements which are available only for projects involving investments of $100 million or more.

601.949.4839