Pre-Opening Budget. Four (4) months prior to the anticipated Commencement Date, Manager shall commence implementation of a pre-opening program which shall include all activities necessary to operationally prepare the Facility for opening. To implement the pre-opening program, Manager shall prepare a comprehensive pre-opening budget which shall be submitted to the Operations Board for its approval no later than five (5) months prior to the anticipated Commencement Date (“Pre-Opening Budget”). The Pre-Opening Budget shall set forth expenditures which Manager anticipates to be necessary or desirable in order to prepare the Facility for the Commencement Date, including, without limitation, cash for disbursements, Furnishings and Equipment and Operating Supplies, hiring, training, relocation and temporary lodging of employees, advertising and promotion, office overhead and office space (whether on or off the Property) and travel and business entertainment (including opening celebrations and ceremonies) (“Pre-Opening Expenses”). Such Pre-Opening Expenses shall be funded from the proceeds of the Financing.
Pre-Opening Budget. Operator has prepared and submitted to Owner the Pre-Opening Budget (which budget is a component of the larger Project Budget (as defined in the Hotel and Casino Management Agreement)), which has been approved pursuant to the Joint Venture Agreement); provided, however, it is understood and agreed that changes in development plans, business plans, market conditions, general economic conditions and other unforeseen circumstances may make adherence to the Pre-Opening Budget impractical or impossible, and Operator shall be entitled to depart from the Pre-Opening Budget and incur Pre-Opening Expenses in excess of the Pre-Opening Budget without DW Member’s approval to the extent any such departure does not constitute a Major Decision. Operator shall notify Owner promptly of any substantial change to the Pre-Opening Budget and shall provide all information in relation to such changes as Owner may reasonably request. Furthermore, if the Opening Date is delayed from the originally projected dates (other than a delay caused by Operator), the Pre-Opening Budget shall be revised to reflect any increases in Pre-Opening Expenses caused by such delay after consultation with and approval by Owner in accordance with the Joint Venture Agreement (or by DW Member, as may be required by the Joint Venture Agreement). Increased Pre-Opening Expenses may include, as applicable, all out-of-pocket cancellation penalties if Operator cancels reservations made for guestrooms, meeting rooms, and other areas as a result of such delay; provided, however, that in the event that such delay is caused by a breach of the Development Management Agreement by the Development Manager, such increase in Pre-Opening Expenses resulting from such out-of-pocket cancellation penalties shall be deemed an Operating Expense in calculating EBITDAM and the corresponding Incentive Management Fee for the first Operating Year.
Pre-Opening Budget. For purposes of implementing the Pre-Opening Services, Operator shall prepare a Pre-Opening Budget. The aggregate amount of the Pre-Opening Budget shall be the minimum sum of US$5,000,000 or its equivalent in local currency which may be revised higher by Operator from time to time following consultation with Owner to reflect the then current cost projections, delay in partial opening beyond the Estimated Partial Opening Date and unforeseen circumstances. Pre-Opening Expenses shall include, but shall not be limited to:
(i) all expenses incurred by any member of the Sheraton Group and Operator in performing Pre-Opening Services such as travel expenses (including the costs of moving the Hotel personnel, their families and their belongings), expenses of business entertainment, salaries (including taxes withheld and cost of fringe benefits) of specialists as well as non-specialist executives for the time actually spent in the performance of Pre-Opening Services (including traveling time of Hotel personnel);
(ii) all expenses incurred in connection with setting up the administrative offices,
(iii) the cost of pre-opening marketing, advertising, promotion and publicity;
(iv) the cost of recruiting and training the Hotel personnel including executive personnel in preparation for partial opening of the Hotel, including the cost of retaining outside training consultants or specialists, if necessary;
(v) the cost of obtaining all Licenses and necessary visas, residence and work permits, including the fees of lawyers an other consultants incidental thereto; and
(vi) the Reservation Cost in connection with the use of the Sheraton Reservations System prior to the Partial Opening Date of the Hotel.
Pre-Opening Budget. (a) MSC shall prepare a pre-opening budget, including a reasonably detailed line-item budget containing estimates of Initial Costs of Operations, as well as dates upon which funds will be required to pay such expenses, and a timetable addressing, inter alia, hiring schedules. Operator shall cooperate with and assist MSC in the preparation of the pre-opening budget. The pre-opening budget shall include all requirements necessary to meet the obligations of the Casino and MSC as the Owner of the Casino under Macau Law or under Operator’s Gaming License and which Operator shall have given prior notice of to MSC. MSC shall finalize the pre-opening budget and deliver the finalized pre-opening budget to Operator not less than one hundred twenty (120) days prior to the anticipated Commencement Date referred to in Section 3.3. After MSC has finalized the pre-opening budget (such finalized budget, subject to amendment in accordance with the terms of this Agreement, the “Pre-Opening Budget”), Operator shall assist MSC in updating the Pre-Opening Budget monthly. The Pre-Opening Budget shall form the basis for which all Initial Costs of Operations for the Casino shall be made; provided, however, that Operator shall be allowed, after consultation with MSC, to deviate from the Pre-Opening Budget.
(b) In the event the Commencement Date is delayed or postponed from the original date scheduled by MSC for opening, Operator shall cooperate with MSC in revising the Pre-Opening Budget to reflect any reasonable and necessary adjustments in estimated Initial Costs of Operations occasioned by such delay or postponement. Within sixty (60) days after the Commencement Date, Operator shall furnish MSC with an accounting disclosing in reasonable detail the total amount of Initial Costs of Operations.
Pre-Opening Budget. The Retail Operator has prepared and submitted to Owner the Pre-Opening Budget, which has been approved pursuant to the Joint Venture Agreement; provided, however, it is understood and agreed that changes in development plans, business plans, market conditions, general economic conditions and other unforeseen circumstances may make adherence to the Pre-Opening Budget impractical or impossible, and the Retail Operator shall be entitled to depart from the Pre-Opening Budget and incur Pre-Opening Expenses in excess of the Pre-Opening Budget without the DW Member’s approval to the extent any such departure does not constitute a Major Decision. Such Manager shall notify Owner promptly of any substantial change to the Pre-Opening Budget and shall provide all information in relation to such changes as Owner may reasonably request. Furthermore, if the Crystals Component Opening Date is delayed from the originally projected dates (other than a delay caused by the Manager), the Pre-Opening Budget shall be revised to reflect any increases in Pre-Opening Expenses caused by such delay after consultation with and approval by Owner in accordance with the Joint Venture Agreement (or by the DW Member, as may be required by the Joint Venture Agreement). Within one hundred twenty (120) days after the Crystals Component Opening Date, the Managers shall provide to Owner an accounting describing and showing in reasonable detail the total amount of incurred Pre-Opening Expenses with reconciliation to the Pre-Opening Budget.
Pre-Opening Budget. Within one hundred eighty (180) days following the Effective Date, Manager shall prepare and deliver to Owner an operating budget and plan (including anticipated capital projects) (the “Pre-Opening Business Plan”) for Pre-Opening Services, prepared in accordance with the Planning and Budgeting Procedures, which shall set forth in reasonable detail plans and expenses proposed to be incurred for:
(a) The staffing of the Managed Facilities prior to the Managed Facilities Opening Date, including the training of the staff (together with an organizational chart of personnel required to staff the Managed Facilities prior to the Managed Facilities Opening Date), a schedule of anticipated dates for the commencement of full time service by such Personnel, a schedule of the compensation to be paid to such Personnel (including the cost of any relocation assistance to be provided to such Personnel) and any other information related to such Personnel;
(b) The marketing plan and program, including promotion of the Managed Facilities prior to the Managed Facilities Opening Date, proposed sales, marketing and advertising programs, printed material, travel and business entertainment programs;
(c) The organization of the Managed Facilities’ Operations prior to the Managed Facilities Opening Date and services, including those to be operated by tenants, subtenants, licensees or concessionaires;
(d) The partial Operation of the Managed Facilities prior to the Managed Facilities Opening Date for the purpose of staff training and operational and promotional development; and,
(e) The specialized training of all Casino Personnel. The Parties acknowledge and agree that the Pre-Opening Business Plan will include a contingency line item for miscellaneous expenditures; which line item shall be subject to Owner’s approval in accordance with Section 10.1.2. Manager may submit the Pre-Opening Business Plan for the Managed Facilities to Owner in portions from time to time as each portion is completed; provided, that, each portion thereof so submitted shall be cumulative in nature, and shall reflect any changes in portions thereof previously submitted until a complete and overall version of the applicable Pre-Opening Business Plan has been submitted.
Pre-Opening Budget. The term "Pre-Opening Budget" shall mean the budget of expenses to be incurred prior to the Opening Date pursuant to Section 6.1 of the Agreement and with respect to any other provision of the Agreement pertaining to the period prior to the Opening Date. Such expenses shall include, without limitation, all budgeted expenses incurred by Manager or by any of Manager's Affiliates in performing the Pre-Opening Services, the cost of recruitment and training for all employees of the Facility, costs of licensing or other qualification of Facility employees prior to the Opening Date, the cost of pre-opening sales, marketing, advertising, promotion and publicity, the cost of obtaining all Construction Permits and Owner Operating Permits, permits for employees, including the fees of lawyers and other consultants incident thereto, and other Pre-Opening Expenses.
Pre-Opening Budget. Within five (5) Business Days after receipt of written notice from Operator requesting said amounts, NYRA shall fund to Operator the initial amounts agreed to by the parties and thereafter such other amounts as set forth in the Pre-Opening Budget or any revisions thereof approved by NYRA.
Pre-Opening Budget. The term “Pre-Opening Budget” shall mean the budget approved by NYRA of expenses to be incurred prior to the Opening Date pursuant to Article 4 of the Agreement and with respect to any other provision of the Agreement pertaining to the period prior to the Opening Date and any other items as shall be approved by NYRA and Operator. No pre-opening activities shall be commenced and no obligations entered into by Operator on NYRA’s behalf until NYRA has approved the Pre-Opening Budget. Upon approval of the Pre-Opening Budget, Operator shall use reasonable efforts to perform pre-opening activities in compliance with such budget. The Pre-Opening Budget shall be subject to periodic revision during the pre-Opening Date period with NYRA’s approval. A final accounting of pre-opening activities shall be due thirty (30) days after the Opening Date. Such expenses shall include without limitation all expenses incurred by Operator or by any of Operator’s Affiliates in performing pre-opening services and other pre-opening functions, including, without limitation, travel expenses, the costs of moving executive level Project personnel, their families and their belongings to the area in which the Project is located at the commencement of their employment at the Project in accordance with Operator’s then current practice, expenses of business entertainment, the cost of recruitment and training for all personnel of the Project, all expenses incurred in conducting training, or licensing qualification operations of the Project, Project employees or Operator prior to the Opening Date, the cost of pre-opening sales, marketing, advertising, promotion and publicity. No expenses corresponding to the pre-opening period, including, without limitation, the expenses provided for in the Pre-Opening Budget or specifically enumerated in this Section 1.39 and no amortization of any of the foregoing shall be included in Operating Expenses of the Project.
Pre-Opening Budget. Ninety (90) days prior to the scheduled Commencement Date, Project Manager shall commence implementation of a pre-opening program which shall include all activities necessary to financially and operationally prepare the Project Facilities for opening. To implement the pre-opening program, Project Manager shall prepare a comprehensive pre-opening budget which shall be submitted to Owner for its approval no later than one hundred twenty (120) days prior to the scheduled Commencement Date (“Pre-Opening Budget”). The Pre-Opening Budget shall set forth expenses which Project Manager anticipates to be necessary or desirable in order to prepare the Project Facilities for the Commencement Date, including, without limitation, cash for disbursements, furnishings and equipment and operating supplies, hiring, training, relocation and temporary lodging of employees, advertising and promotion, office overhead and office space (whether on or off the premises) and travel and business entertainment (including opening celebrations and ceremonies) (“Pre-Opening Expenses”).
