Material Operating Property definition
Material Operating Property means, as of each date of determination, each resort, hotel, casino or other similar property owned, leased or operated by Parent or the Restricted Subsidiaries as of that date for which, during the then most recently ended period of four fiscal quarters, the attributable portion of EBITDA for that period was in excess of $25,000,000 (as reasonably determined by the Company), provided that in the event that Parent publicly announces that the relevant property will be closed to the public in its entirety for a period in excess of one month in connection with its demolition, remodeling, redevelopment or expansion, and substantially concurrently with such closure the ownership thereof is contributed or otherwise transferred to an Unrestricted Subsidiary (or if the entity owning such Property is designated as an Unrestricted Subsidiary in accordance with the terms of this Agreement), then from and after the date upon which such contribution, transfer or designation, it shall no longer be considered to be a Material Operating Property.
Material Operating Property means, as of each date of determination, each resort, hotel, casino or other similar property owned, leased or operated by Parent or the Restricted Subsidiaries as of that date for which, during the then most recently ended period of four fiscal quarters, the attributable portion of EBITDA for that period was in excess of $25,000,000 (as reasonably
Material Operating Property means (i) the Reno Property or (ii) any other Property which either was acquired for $100,000,000 or more or had a construction budget of $100,000,000 or more and at which gaming operations are conducted.