Michigan Administrative Code › Department - Treasury › Michigan Gaming Control Board › Michigan Gaming Control Board - Administrative Rules - Casino Gaming (Parts 1-16) › Part 1 - DEFINITIONS › Section R. 432.1104 - Definitions; J to L

Current through Vol. 24-12, July 15, 2024
Rule 104.
As used in these rules:
(a) "Junket" means an arrangement to induce
				  persons who are selected or approved for participation on the basis of their
				  ability to satisfy a financial qualification obligation related to their
				  ability or willingness to come to a licensed casino for the purpose of gambling
				  and who receive as consideration all or part of the cost of transportation,
				  food, lodging, or entertainment directly or indirectly paid by a casino
				  licensee or agent.
(b) "Junket
				  representative" means a person, other than a casino licensee or casino license
				  applicant, who receives payment for the referral, procurement, or selection of
				  persons who may participate in a junket to a licensed casino in this state,
				  based upon the person's actual or calculated potential to wager or lose,
				  regardless of whether the activities of the junket representative occur within
				  this state.
(c) "Key person" means
				  any of the following entities:
(i) An
				  officer, director, trustee, partner, or proprietor of a person that has applied
				  for or holds a casino license or supplier license or an affiliate or holding
				  company that has control of a person that has applied for or holds a casino
				  license or supplier license.
(ii) A
				  person that holds a combined direct, indirect, or attributed debt or equity
				  interest of more than 5% in a person that has applied for or holds a casino
				  license or supplier license.
(iii)
				  A person that holds a combined direct, indirect, or attributed equity interest
				  of more than 5% in a person that has a controlling interest in a person that
				  has applied for or holds a casino license or supplier license.
(iv) A managerial employee of a person that
				  has applied for or holds a casino license or supplier license in this state, or
				  a managerial employee of an affiliate or holding company that has control of a
				  person that has applied for or holds a casino license or supplier license in
				  this state, who performs the function of principal executive officer, principal
				  operating officer, principal accounting officer, or an equivalent
				  officer.
(v) A managerial employee
				  of a person that has applied for or holds a casino license or supplier license,
				  or a managerial employee of an affiliate or holding company that has control of
				  a person that has applied for or holds a casino license or supplier license,
				  who will perform or performs the function of gaming operations manager, or will
				  exercise or exercises management, supervisory, or policy-making authority over
				  the proposed or existing gambling operation, casino operation, or supplier
				  business operations in this state and who is not otherwise subject to
				  occupational licensing in this state.
An institutional investor is not a key person unless it has
					 a controlling interest or fails to meet the standards of section 6c(1) of the
					 act, MCL 432.206c, for waiver of eligibility and suitability requirements for
					 qualification and licensure under the act and these rules.