CHAIRMAN NOEL SHULL: Good Afternoon.

ALL COMMISSIONERS: Good Afternoon.

CHAIRMAN SHULL: We’ll get the meeting started. Would you call the roll?

ANGIE FRANKS: Chairman Shull?

CHAIRMAN SHULL: Present.

MS. FRANKS: Commissioner Jones?

COMMISSIONER DARRYL JONES: Present.

MS. FRANKS: Commissioner Hais?

COMMISSIONER SAMUEL HAIS: Present.

MS. FRANKS: Commissioner Plunkett?

COMMISSIONER LARRY PLUNKETT: Present.

CS: We’ll turn the meeting over to Mr. McNary and let him explain it and then if there are questions or comments or further discussion, then we will entertain those at that time.

EXECUTIVE DIRECTOR GENE MCNARY: Mr. Chairman and Commissioners. The short history behind this particular agreement is this. Some time ago, Columbia Sussex entered into an agreement to merge with Aztar or acquire Aztar properties. Aztar has a property located in Caruthersville, Missouri. Columbia Sussex is not licensed in Missouri and therefore they looked for a buyer and considerable time was spent on the background investigation of Fortune, a prospective buyer. There could not be a license issued, we determined, by the deadline for the overall agreement between Aztar and Columbia Sussex and Columbia Sussex indicated that they intended to close the Caruthersville property.

It was at that time that we looked to our own regulations, which provides that under certain circumstances, the authority for the Missouri Gaming Commission to authorize a supervisor to oversee operations, keep a casino and its employees and the tax revenues that go to the welfare of the community in place on an interim basis. The Commission then passed a resolution authorizing staff to appoint a supervisor and take over interim control of the Caruthersville property.

Now there is an agreement that this meeting addresses this between the Missouri Gaming Commission and Aztar and its successor which then would include Columbia Sussex. The Agreement calls for a continuation of the operations, jobs would stay in place and tax support would continue until a new buyer is licensed to take over that property in Caruthersville. Columbia Sussex, assuming that the merger goes through, would have nine months to find a buyer. This could be adjusted for time to do the background check for the licensee.

That’s where we stand and the agreement which has been sent to you calls for a cooperative operation of that boat. We, the Missouri Gaming Commission, would be in control. We don’t want to be in the business of operating boats so we would look to the management there and to the employees to continue the operations but the change of control which usually requires a license in this case, would go to MGC on an interim basis. That’s the reason I would ask someone to make a motion. You have the wording before you to make a motion to adopt this particular resolution, number 06-058.

CHAIRMAN SHULL: This is Noel Shull and I would like to ask for or confirm that all other Commissioners have received a copy of it and have had an opportunity to read it.

COMMISSIONER HAIS: I have, Noel, Chairman Shull. This is Sam Hais and I have received the resolution.

CHAIRMAN SHULL: Darryl?

COMMISSIONER JONES: Mr. Chairman, I have and I’ve read it.

CHAIRMAN SHULL: Ok. Larry?

COMMISSIONER PLUNKETT: Yes, I’ve read it.

CHAIRMAN SHULL: Well, we’ve heard the report, are there any questions regarding the agreement?

COMMISSIONER HAIS: No.

COMMISSIONER PLUNKETT: None.

COMMISSIONER JONES: A point of order I think, I make a motion but then it has to be opened up for discussion.

COMMISSIONER HAIS: I second it.

CHAIRMAN SHULL: Ok. Are there any questions now or comments?

COMMISSIONER JONES: I have one and I’m not too sure Mr. McNary, are there potential buyers out there?

DIRECTOR MCNARY: Commissioner, you know, we really don’t have an updated report. The rumors are there are buyers. Buyers have contacted both the Aztar counsel as well as MGC staff.

COMMISSIONER JONES: Again, I would just like to reiterate, that you said it would be taken … I hate for the Commission to be in a position to try to operate a casino and am hoping that we can find a suitable buyer for this operation within in the time frame that is allotted in the document.

DIRECTOR MCNARY: Commissioner, we agree completely. We agree that we don’t want to be in the operations business. We’ll even nudge Aztar and Columbia Sussex to find a buyer as quick as they can.

CHAIRMAN SHULL: I might also say that the reason for this entire agreement is largely economics for the southeastern part of the state and that was one of the things that was considered very strongly that that would be devastating to the community if it closed immediately.

DIRECTOR MCNARY: Mr. Chairman, well said and I should point out that that casino employs 283 people and contributes over $6 million a year in fees and taxes to the economy. A shutdown would have a devastating effect on Caruthersville and the surrounding Pemiscot County and even the state.

CHAIRMAN SHULL: Are there any further comments or questions?

COMMISSIONER JONES: Well, just a comment. That is 283 families that could be affected and the population in Caruthersville is, do you know off hand?

DIRECTOR MCNARY: No, I’m sorry I don’t have that figure in front of me.

COMMISSIONER JONES: I think it would be rather small, I think.

DIRECTOR MCNARY: Seventy-five hundred, I’m told by one of my employees.

COMMISSIONER JONES: Right, so like you said, that would be a devastating blow to that community, 283 families affected.

CHAIRMAN SHULL: Hearing no other comments, I think we can go ahead a call the roll then.

MS. FRANKS: Chairman Shull?

CHAIRMAN SHULL: Approve.

MS. FRANKS: Commissioner Jones?

COMMISSIONER JONES: Approve.

MS. FRANKS: Commissioner Hais?

COMMISSIONER HAIS: Approve.

MS. FRANKS: Commissioner Plunkett?

COMMISSIONER PLUNKETT: Approve.

MS. FRANKS: By your vote, you’ve adopted Resolution No. 06-058.

CHAIRMAN SHULL: I think that concludes the business for this meeting. I would entertain a move to close the meeting.

COMMISSIONER PLUNKETT: I make a motion to close the meeting.

COMMISSIONER HAIS: I’ll second that.

CHAIRMAN SHULL: Any further discussion or questions? Call the roll.

MS. FRANKS: Chairman Shull?

CHAIRMAN SHULL: Approve.

MS. FRANKS: Commissioner Jones?

COMMISSIONER JONES: Approve from Cardinal Nation.

MS. FRANKS: Commissioner Hais?

COMMISSIONER HAIS: Approve.

MS. FRANKS: Commissioner Plunkett?

COMMISSIONER PLUNKETT: Approve.

MS. FRANKS: The meeting is adjourned.