🎰 Memorandum of Understanding with T.H.E. Venezuelan Entertainment, C.A. et. al.

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Venezuela y Colombia incluyen en su legislación a las Salas de Bingo, las miembros de la Comisión Nacional de Casinos, sus cónyuges y los parientes.


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Venezuelan President approves casino in Caracas – CasinoCompendium
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Durante cuatro semanas el casino abrió sólo para “invitados especiales”, que en Venezuela tres abogadas del Ministerio de Turismo y la Comisión Nacional.


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Durante cuatro semanas el casino abrió sólo para “invitados especiales”, que en Venezuela tres abogadas del Ministerio de Turismo y la Comisión Nacional.


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A list of Caracas Venezuela Casinos, Find Casino Information and Gambling is the Comisión Nacional de Casinos responsible for granting operating licenses.


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purpose of operating casinos and other gaming establishments in Venezuela, Each Operating Company shall apply to the "Comision Nacional de Casinos.


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Venezuela also licences two internet casinos, though the reputation of these two online gambling is regulated by the Comision Nacional de Casino y Salas de.


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In Venezuela, the operation of casinos and bookmaking is authorized by a law enacted in , which states that it is the Comisión Nacional de.


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Each Operating Company, upon compliance with all legal and financial requirements and receipt of all necessary permits and licenses, intends to engage in the operation of a casino or other gaming establishment in Venezuela. The specific rights and obligations of the Shareholders in SAEI, Fiesta-Guayana, and all future Operating Companies shall be established in specific " Shareholder Agreements " which shall be supplemented with any other ancillary agreement determined to be necessary to carry out in good faith the spirit and intent of this MOU. Mitchell Its: President. Each T. In addition, each Shareholder agrees that all costs associated with the procurement of such loan shall be shared by the Shareholders in accordance with their respective pro-rata equity position. Each Shareholder shall be responsible for the repayment of the loan on a pro-rata basis according to the equity structure set forth in Section D above and shall issue a guaranty to secure the same. Subject to the terms and conditions agreed to in each Shareholder Agreement, if a Shareholder chooses to sell its shares in SAEI, Fiesta-Guayana or any other Holding Company or Operating Company formed in the future, the remaining Shareholder s shall have the first right of refusal to purchase any or all of such shares being sold in accordance with its pro-rata equity share therein, and, upon a decline to do the same by the other eligible Shareholder s , such Shareholder s shall have the first right to purchase all remaining shares. Counterpart Signatures : This MOU may be executed in facsimile in two or more counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one and the same instrument. Upon the successful completion of the process set forth above, Fiesta- Guayana will have a balance sheet as shown in Annex-1 , attached hereto, which shall be subject to an independent audit. The Shareholders shall agree on the various amounts of cash or "in-kind" capital contributions i. Due to the direct and indirect nature in which the shares in SAEI are held, the Shareholders agree that any and all decisions involving capital contributions, dividend distributions, share transfers, liquidation rights, voting rights, and all other rights of the Shareholders collectively, the " Shareholders Rights " in SAEI, Fiesta-Guayana, and all future Operating Companies shall be made based on the following equity positions unless otherwise agreed to in writing:. The Shareholders agree that for each Operating Company and all related entities established thereunder, a Board of Directors shall be formed which shall be comprised of three members, one each from Thunderbird, TVE and EVC. A" Its: President. Upon the successful completion of the audit and submission of the same to the local authorities in Puerto Ordaz and the Gaming Commission for review and approval, the Shareholders shall reduce the loan amount to the required , T. It is the intent of the Shareholders to structure all future gaming projects in Venezuela according to the terms and conditions set forth in this MOU unless otherwise agreed to in writing. Each Party reserves the right to decline participation in any future gaming project in Venezuela identified or proposed by any other Shareholder without jeopardizing its participation in SAEI, Fiesta-Guayana or any other existing or future gaming project. Each Tax Unit is equal to {/INSERTKEYS}{/PARAGRAPH} To act as a vehicle for that purpose, a company named South American Entertainment, Inc. EVC will arrange for a loan from a third-party lender to the Shareholders in an amount equal to , T. Each Shareholder agrees to be responsible for contributing their respective pro-rata share toward business development expenses on an ongoing basis as proposed and agreed upon from time to time. The Shareholders have agreed that all expenses incurred prior to December 15, shall be reimbursed from first available cashflow from Fiesta-Guayana and all expenses incurred on December 15, and thereafter shall be reimbursed from the initial cash calls from the Shareholders. {PARAGRAPH}{INSERTKEYS}Venezuelan Entertainment, C. Capital requirements for the Fiesta-Guayana project shall be funded as follows:. Each Shareholder has contributed significant capital cash or in-kind services to fund business development as represented by reports submitted to the Shareholders for review and consideration. Credit toward equity contributions will be recognized for the contribution of machines at values to be determined by the Shareholders. However, the Shareholders may agree in the future to form separate holding companies " Holding Companies " for tax or legal reasons or risk distribution purposes. In addition to Fiesta-Guayana, the Shareholders agree to form a separate Operating Company for each additional casino license or other gaming venture pursued in the future in Venezuela.