πŸ”₯ Exhibit Governmental Gaming Regulations

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A state licensing requirement was enacted with fees based on a percentage of gross gaming win. This fee was in addition to the previously.


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A state licensing requirement was enacted with fees based on a percentage of gross gaming win. This fee was in addition to the previously.


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The Nevada Gaming Commission is a Nevada state governmental agency involved in the regulation of casinos throughout the state, along with the Nevada​.


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For example, independent agents that bring high rollers to Nevada casinos must file more extensive forms and pay a $ fee, which is reflective of a more.


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The Nevada Gaming Commission is a Nevada state governmental agency involved in the regulation of casinos throughout the state, along with the Nevada​.


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Licensing Fees. The initial licensing fee imposed upon an operator is US​$, for the first two years and then US$, per year. A.


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For example, independent agents that bring high rollers to Nevada casinos must file more extensive forms and pay a $ fee, which is reflective of a more.


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The Nevada Gaming Commission is a Nevada state governmental agency involved in the regulation of casinos throughout the state, along with the Nevada​.


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A gaming license requires the periodic payment of fees and taxes and is not transferable. We are registered by the Nevada Commission as a publicly traded.


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The applicant for licensing or a finding of suitability must pay all the costs of the investigation. Changes in licensed positions must be reported to the Nevada.


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We are subject to disciplinary action if, after we receive notice that a person is unsuitable to be a stockholder or to have any other relationship with us, or any of our Licensed Subsidiaries, we:. In September , the Nevada Commission granted us two years, the maximum time permitted, in which to make public offerings of debt or equity. Employees and agents of the Illinois Board have access to and may inspect any facilities relating to the riverboat gaming operation. Any riverboat operations not conducted in compliance with the initial Illinois Act may constitute an illegal gaming place and consequently may be subject to criminal penalties, which penalties include possible seizure, confiscation and destruction of illegal gaming devices and seizure and sale of riverboats and dock facilities to pay any unsatisfied judgment that may be recovered and any unsatisfied fine that may be levied. The Illinois Board is authorized to conduct investigations into the conduct of gaming and into alleged violations of the Illinois Act and the Illinois Board rules. In February , the State of Illinois legalized riverboat gambling. The laws, regulations and supervisory procedures of the Nevada Gaming Authorities are based upon declarations of public policy that are concerned with, among other things:. The Amended Illinois Act redefined the conduct of gaming in the state. The tax will rollback to the rates as outlined in the Amended Illinois Act. We are required to maintain a current stock ledger in Nevada which may be examined by the Nevada Gaming Authorities at any time. Boyd Gaming and all of its Licensed Subsidiaries have obtained from the Nevada Gaming Authorities the various registrations, approvals, permits and licenses required in order to engage in gaming activities in Nevada. The Illinois Board will consider the following criteria in determining whether the approval of the issuance, transfer or holding of a license will create undue economic concentration:. The Nevada Commission may also require controlling stockholders, officers, directors and other persons having a material relationship or involvement with the entity proposing to acquire control, to be investigated and licensed as part of the approval process relating to the transaction. License fees and taxes, computed in various ways depending on the type of gaming or activity involved, are payable to the State of Nevada, Clark County and the City of Las Vegas. There can be no assurance that the Illinois legislature will not enact additional legislation regarding admission and wagering tax rates. A gaming license requires the periodic payment of fees and taxes and is not transferable. Four of the licenses were to be located on the Mississippi River, one license was to be at a location on the Illinois River south of Marshall County and one license had to be located on the Des Plaines River in Will County. Some jurisdictions, including Nevada, Illinois, Indiana, Louisiana, Mississippi, New Jersey and Florida, empower their regulators to investigate participation by licensees in gaming outside their jurisdiction and require access to periodic reports respecting those gaming activities. We may not make a public offering of our securities without the prior approval of the Nevada Commission if the securities or the proceeds therefrom are intended to be used to construct, acquire or finance gaming facilities in Nevada, or to retire or extend obligations incurred for such purposes. No direct or indirect ownership or control shall be approved which will result in undue economic concentration of the ownership of riverboat gambling operations in Illinois. Any person who fails or refuses to apply for a finding of suitability or a license within 30 days after being ordered to do so by the Nevada Commission or the Chairman of the Nevada Board, may be found unsuitable. No person may become a stockholder of, or receive any percentage of profits from, California Hotel and Casino or its subsidiaries or of Coast Casinos, Inc. The remaining licenses were not restricted as to location. The Illinois Board has the authority to reduce the above mentioned wagering tax obligation imposed under the Third Amended Act by an amount the Board deems reasonable for acts of God, terrorism, bioterrorism or a condition beyond the control of the owner licensee. No person under the age of 21 is permitted to wager and wagers may only be received from a person present on the riverboat. If any securities are held in trust by an agent or by a nominee, the record holder may be required to disclose the identity of the beneficial owner to the Nevada Gaming Authorities. This two-year approval or continuous or delayed public offering approval, also known as a shelf approval, is subject to certain conditions and expires in September , at which time we will seek to renew the approval. As a Registered Corporation, we are required periodically to submit detailed financial and operating reports to the Nevada Commission and furnish any other information which the Nevada Commission may require. A failure to make such disclosure may be grounds for finding the record holder unsuitable. In those situations, a gaming excursion could commence or continue while the gangplank or its equivalent was raised and remained raised, in which event the riverboat was not considered docked. In June of , amendments to the Illinois Act, which we refer to as the Amended Illinois Act, were passed by the legislature and signed into law by the Governor. Therefore, subject to certain Illinois Board rules, individuals or entities could own more than one riverboat operation. If a riverboat captain reasonably determined that either it was unsafe to transport passengers on the waterway due to inclement weather or the riverboat had been rendered temporarily inoperable by unforeseeable mechanical or structural difficulties or river icing, the riverboat could remain dockside or return to the dock. An excise tax is also paid by casino operations upon admission to certain facilities offering live entertainment, including the selling of food, refreshment and merchandise in connection therewith. As a result, the Board has authorized a bid process to issue the tenth license to a new operator. Determinations of suitability or questions pertaining to licensing are not subject to judicial review in Nevada. If additional gaming regulations are adopted in a jurisdiction in which we operate, such regulations could impose restrictions or costs that could have a significant adverse effect on us. The applicant must pay all costs of investigation incurred by the Nevada Gaming Authorities in conducting any such investigation. The court will have sole jurisdiction over any and all issues pertaining to the appointment of a receiver. In addition, gaming companies are currently subject to significant state and local taxes and fees in addition to normal federal and state corporate income taxes, and such taxes and fees are subject to increase at any time. Any material increase in these taxes or fees could adversely affect us. Under provisions of gaming laws in jurisdictions in which we have operations, and under our organizational documents, certain of our securities are subject to restrictions on ownership which may be imposed by specified governmental authorities. The Nevada Commission may, at its discretion, require the holder of any debt security of a Registered Corporation to file applications, be investigated and be found suitable to own the debt security of a Registered Corporation. If a gaming excursion had to begin or continue with the gangplank or its equivalent raised, and the riverboat did not leave the dock, entry of new patrons on to the riverboat was prohibited until the completion of the excursion. The agencies involved have full power to limit, condition, suspend or revoke any such license, and any such disciplinary action could, and a revocation would, have a significant adverse effect upon the operations of the affected casino or casinos. Gaming positions are counted as follows:. Any stockholder found unsuitable and who holds, directly or indirectly, any beneficial ownership of the common stock of a Registered Corporation beyond such period of time as may be prescribed by the Nevada Commission may be guilty of a criminal offense. All licenses are revocable and are not transferable. A holder of any license is subject to the imposition of fines, suspension or revocation of such license, or other action for any act or failure to act by himself or his agents or employees, that is injurious to the public health, safety, morals, good order and general welfare of the people of the State of Illinois, or that would discredit or tend to discredit the Illinois gaming industry or the State of Illinois. Although riverboats were mandated to cruise, there were certain exceptions. Wagering may not be conducted with money or other negotiable currency. The number of gaming participants will be determined by the number of gaming positions available. Entities seeking to acquire control of a Registered Corporation must satisfy the Nevada Gaming Authorities in a variety of stringent standards prior to assuming control of such Registered Corporation. Any representation to the contrary is unlawful. The initial Illinois Act does not limit the maximum bet or per patron loss. We do not know whether such legislation will be enacted. We are also required to render maximum assistance in determining the identity of the beneficial owner. From time to time, various proposals have been introduced in the legislatures of some of the jurisdictions in which we have existing or planned operations that, if enacted, could adversely affect the tax, regulatory, operational or other aspects of the gaming industry and us. Pursuant to the Amended Illinois Act, riverboats can conduct gambling without cruising, and passengers can enter and leave a riverboat at any time. The restrictions may require a holder of our securities to dispose of the securities or, if the holder refuses, or is unable, to dispose of the securities, we may be required to repurchase the securities. The nominees may be individuals or entities selected from an Illinois Board approved list of pre-qualified receivers who meet the same criteria for a finding of preliminary suitability for licensure under Sections {/INSERTKEYS}{/PARAGRAPH} Undue economic concentration means that a person or entity would have actual or potential domination of riverboat gambling in Illinois sufficient to:. Additionally, the Clark County Liquor and Gaming Licensing Board has taken the position that it has the authority to approve all persons owning or controlling the stock of any corporation controlling a gaming license. We are registered by the Nevada Commission. Minimum and maximum wagers on games are set by the owner licensee. During the minute exit time period, new passengers were not allowed to board the riverboat. In addition, riverboats may now be located upon any water within Illinois, and not just navigable waterways. If the Nevada Gaming Authorities were to find an officer, director or key employee unsuitable for licensing or unsuitable to continue having a relationship with us or any of our Licensed Subsidiaries, the companies involved would have to sever all relationships with such person. The same restrictions apply to a record owner if the record owner, after request, fails to identify the beneficial owner. If the Nevada Commission determines that a person is unsuitable to own such security, then pursuant to the Nevada Act, the Registered Corporation can be sanctioned, including the loss of its approvals, if without the prior approval of the Nevada Commission, it:. Coast Casinos, Inc. A gaming excursion could last no more than four hours, and a gaming excursion was deemed to have started when the first passenger boarded a riverboat. Gaming could continue during passenger boarding for a period of up to 30 minutes. Any beneficial holder of our voting securities, regardless of the number of shares owned, may be required to file an application, be investigated and have his suitability reviewed as a beneficial holder of our voting securities if the Nevada Commission has reason to believe that such ownership would otherwise be inconsistent with the declared policies of the State of Nevada. Riverboats are now defined as self-propelled excursion boats or permanently moored barges. The Amended Illinois Act also allows for the relocation of a riverboat home dock. There is no longer any prohibition of a riverboat being located in Cook County. The owner licensee is required, on a daily basis, to wire the wagering tax payment to the Illinois Board. The Illinois Board will specify the specific powers, duties and limitations for the receiver, including but not limited to the authority to:. {PARAGRAPH}{INSERTKEYS}Exhibit We are subject to extensive regulation under laws, rules and supervisory procedures primarily in the jurisdictions where our facilities are located or docked. Violations of laws in one jurisdiction could result in disciplinary action in other jurisdictions. Furthermore, under the initial Illinois Act, no gambling could be conducted while a riverboat was docked. An institutional investor shall not be deemed to hold voting securities for investment purposes unless the voting securities were acquired and are held in the ordinary course of business as an institutional investor and not for the purpose of causing, directly or indirectly, the election of a majority of the members of our board of directors, any change in our corporate charter, bylaws, management, policies or operations, or any of our gaming affiliates, or any other action which the Nevada Commission finds to be inconsistent with holding our voting securities for investment purposes only. The initial Illinois Act also provides for civil penalties, equal to the amount of gross receipts derived from wagering on the gaming, whether unauthorized or authorized, conducted on the day of any violation. The federal government has also previously considered a federal tax on casino revenues and the elimination of betting on amateur sporting events and may consider such a tax or eliminations on betting in the future. The sale of food or alcoholic beverages at our Nevada casinos is subject to licensing, control and regulation by the applicable local authorities. Gaming was also allowed for a period of up to 30 minutes after the gangplank or its equivalent was lowered, thereby allowing passengers to exit the riverboat. The tenth license that was initially granted to Emerald Casino Inc. It is anticipated that the tenth license will be issued in the fourth quarter of The exact location of the operation of the successful bidder of the tenth license is unknown at this time. The Illinois Board will submit at least three nominees to the Court. The ownership and operation of casino gaming facilities in Nevada are subject to the Nevada Gaming Control Act and the regulations promulgated by the Nevada Gaming Commission thereunder, which we refer to as the Nevada Act, including various local codes and ordinances. Activities that are not deemed to be inconsistent with holding voting securities for investment purposes include only:. The Nevada legislature has declared that some corporate acquisitions opposed by management, repurchase of voting securities and corporate defense tactics affecting Nevada gaming licensees, and Registered Corporations that are affiliated with those licensees, may be injurious to stable and productive corporate gaming. Depending upon the particular fee or tax involved, these fees and taxes are payable either monthly, quarterly or annually and are based upon:. Changes in control of Boyd Gaming through merger, consolidation, stock or asset acquisitions, management or consulting agreements, or any act or conduct by a person whereby he obtains control, may not occur without the prior approval of the Nevada Commission. Corporations that operate casinos in Nevada are required to be licensed by the Nevada Gaming Authorities. In addition, the Nevada Commission may require Boyd Gaming or any of its Licensed Subsidiaries to terminate the employment of any person who refuses to file appropriate applications.