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Mississippi Gaming Commission Posts Meeting Minutes for February 2020

Commission Meeting Minutes

February 20 Meeting

The Mississippi Gaming Commission held its regular monthly meeting on Thursday, February 20, at 9:00 a.m. at the Jackson offices 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:

ADMINISTRATIVE UPDATE

The Executive Director noted the following:

  • Bally Gaming, Inc., which has been licensed by the Mississippi Gaming Commission as a manufacturer and distributor and as a wide area progressive operator, changed its name to SG Gaming, Inc. effective January 3, 2020.

FINDINGS OF SUITABILITY

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

  • John Scott Salter, Chairman Compliance Committee, Board Member, DraftKings

  • Colt Merger Sub, Inc., an affiliate of Eldorado Resorts, Inc. to merge with and into Caesars Entertainment Corporation

  • Paul Phung-Minh Bui, Director of Finance, Harrah’s Gulf Coast

  • Troy Douglas, Vice President of Marketing, Gold Strike Casino

  • Efrain Perez-Agosto, Executive Director of Finance, Gold Strike Casino

  • Maureen Elizabeth Wasloski, Vice President and General Manager, Hollywood Casino and First Jackpot Casino

  • Robert Wade Harris, Vice President of Finance, Hollywood Casino and First Jackpot Casino

  • Toni Babbitt Burns, Vice President and General Manager for Boyd Tunica, Inc. d/b/a Sam's Town Hotel and Gambling Hall

  • Maureen Elaine Adams, Vice President of Gaming Operations for Churchill Downs, Inc.

OTHER APPROVALS

The Commission approved the following:

  • Crown MS Gaming Inc. and SBTech Malta Limited:

    • Proposed Acquisition of Control of DraftKings Inc., Crown Gaming Inc., Crown MS Gaming Inc., SBTech (Global) Limited and SBTech Malta Limited

    • Transfer of the Equity Interests or Securities of DraftKings Inc.

    • Issuance of the Securities of DraftKings Inc.

    • Transfer of the Equity Interests or Securities of SBTech (Global) Limited

    • Registration of DEAC NV Merger Corp as a Publicly Traded Corporation of Crown MS Gaming Inc. and SBTech Malta Limited

    • Request for Waiver of the Legend Requirement

    • Continuous Approval of Public Offerings and/or Private Placements (“Shelf Offering Approval”), including

      • Pledges of Equity Interests or Securities

      • Imposition of Equity Restrictions including Negative Equity Pledges

      • Guarantee of Securities and Hypothecation of Assets

      • Pledges of Equity Interests or Securities

  • Lighthouse Point, LLC d/b/a Trop Casino Greenville; IOC-Lula, Inc. d/b/a Isle of Capri Entertainment Resort; Rainbow Casino-Vicksburg Partnership, L.P. d/b/a Lady Luck Casino; IOC Manufacturing, Inc.; Grand Casinos of Biloxi, LLC d/b/a/ Harrah’s Gulf Coast; Robinson Property Group LLC d/b/a Horseshoe Casino and Hotel, and Casino Computer Programming, Inc.:

    • Transfer of the Equity Interests or Securities of CEOC, LLC to Caesars Growth Partners, LLC

    • Transfer of the Equity Interests or Securities of CEOC, LLC to Caesars Resort Collection, LLC

    • Proposed Acquisition of Control of Caesars Entertainment Corporation; Caesars Growth Partners, LLC; Caesars Resort Collection, LLC; CEOC, LLC; Grand Casinos, Inc.; Horseshoe Gaming Holdings, Inc.; New Robinson Property Group LLC; Grand Casinos of Biloxi, LLC; Robinson Property Group LLC, and Casino Computer Programming, Inc.

    • Registration of Eldorado Resorts, Inc. as a Publicly Traded Corporation of Caesars Entertainment Corporation; Caesars Growth Partners, LLC; Caesars Resort Collection, LLC; CEOC, LLC; Grand Casinos, Inc.; Horseshoe Gaming Holding, Inc.; New Robinson Property Group LLC; Grand Casinos of Biloxi, LLC; Robinson Property Group LLC, and Casino Computer Programming, Inc.

    • De-Registration of Caesars Entertainment Corporation as a Publicly Traded Corporation of CEOC, LLC; Grand Casinos, Inc.; Horseshoe Gaming Holding, Inc.; New Robinson Property Group LLC; Grand Casinos of Biloxi, LLC; Robinson Property Group LLC, and Casino Computer Programming, Inc.

    • Registration of each of Caesars Entertainment Corporation; Caesars Growth Partners, LLC, and Caesars Resort Collection, LLC as a Holding Company of Grand Casinos, Inc.; Horseshoe Gaming Holdings, Inc.; New Robinson Property Group LLC; Grand Casinos of Biloxi, LLC; Robinson Property Group LLC, and Casino Computer Programming, Inc.;

    • Pledges of the Equity Interests or Securities

    • Imposition of Equity Restrictions Including Negative Equity Pledges

  • Beau Rivage Resorts, LLC d/b/a Beau Rivage Resort & Casino and MGM Resorts of Mississippi, LLC d/b/a Gold Strike Casino Resort

    • Imposition of Equity Restrictions including Negative Equity Pledges

  • End of Other Approvals

SITE APPROVAL

  • Biloxi Capital, LLC’s request for Site Approval was tabled until the March 19, 2020 meeting.

© 2020 Jones Walker LLPNational Law Review, Volume X, Number 55

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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