11.18.13

Property First

The propertyfirst opened in 1978 under the name of MGM Grand , at that time was the largest hotel-casino in the world, with 26 floors, 1,015 rooms in 0.59km2. Construction cost 130 million. On June 3, 1978, “Hello Hollywood Hello” ( “Hello Hollywood Hello”) by Donn Arden made its debut. The same year a expansion which increased to 2,001 rooms. In 1986 the property, together with the MGM Grand in Las Vegas were purchased by Bally Gaming Corporation. Both centers are remarkable as Bally’s. Subsequently, in 1992, Harveys Lake Tahoe entered into a bidding war with Hilton Hotels Corporation on the right to purchase the center. Harveys announced an agreement for a deal of 70 million, to enter the Hilton Group in the bid increases the supply up to 73 million dollars and assume the debts of Bally’s.Some weeks later, after considering even higher bids, a federal bankruptcy court resolved the issue and approved the final offer of 83 million Hilton. After the hotel was purchased by Harrah’s Entertainment (which also has Harveys), the 2005 acquisition of Caesars Entertainment. In earlier stages of MGM Grand in Reno, a stage was erected where a lion trainers Ennead for photographs with visitors to the hotel. Metro, the lion was not only deeply sedated Ennead but to all appearances was not a danger to visitors. Then the visitor was protected by plexiglass that was built and he entered the lion. At no time was allowed a visitor could be attacked by a lion. On 11 May 2005, Caesar’s Entertainment announced a deal to sell the Reno Hilton to Grand Sierra Resort DBA PLANTworldwide Corp. for 150 million. On 23 June 2005 the sale was completed and the name of the property changed the Grand Sierra Resort.

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11.7.13

National Human Development Report

History historical comparison of GDP per capita of Dominican Republic with other neighboring countries based on World Population, GDP and Per Capita GDP, 1-2003 AD. After the economic recession during the second half of the ’80s and early ’90s, during which GDP contracted by 5 and inflation reached 100 , the Dominican Republic entered a period of moderate growth and diminishing inflation to 2002, after which, the economy went into recession. GDP contracted by 1 in 2003, while inflation soared above 27 . Despite a rising trade deficit, tourism and remittances have helped secure foreign currency reserves. Today, remittances from USA, Europe and other countries, form part of the national economy.According to the National Human Development Report of the United Nations Program for Development, UNDP, Dominican Republic 2005 states that this country has been inserted into the global economy in a socially and politically inclusive, knowing rates of average annual economic growth in recent years above 5 . However, the exclusionary economic model that has been imposed, this growth has not contributed to the welfare of the population. Before the contrary, the Report says, Dominican Republic, in 2002 the country was number 13 (out of 177 in the world) that less had used to help rank in the Human Development Index (HDI). Thus we can speak of a failure of political elites in the past 50 years to lead his people to welfare and security arenas.Equally, the report makes clear that the problem of the Dominican economy is no insertion in markets, but competitive strategies that should be associated with the welfare of its people. The report concludes that the “main cause of the Dominican poverty and low human development on is not the lack of financing and financial resources, but the weak commitment to the collective progress of national and corporate leadership during the last decades and the absence of a social and empowerment of the majority of Dominican society. In December 1996, the then incoming President Leonel Fern ndez, presented a package of reforms – including the devaluation of the peso, reduction in import tariffs and increase in fuel prices – in an attempt to create a market-oriented economy to compete internationally. Between 2000 and 2004, the government of Hip lito Mej a, introduced changesthat slammed into the Dominican economy.Relegation of reforms that were ongoing slowdown of export supply (which had already begun in the previous government of Fernandez), and above all, the currency and banking crisis (the third largest bank and financial group in the country: the BANINTER and two groups financial banks, met a bankruptcy which amounted to about 15-20 of annual GDP), coupled with general and administrative corruption associated with these failures, and because of the deepening crisis in the electricity sector, encapsulating a change of nature never before seen in the Dominican economy. The magnitude of the crisis brought down entire sectors of the economy, and it is estimated that between 12 to 15 of the population went from being poor to very poor or indigent. This means about 2 million people. Although the economy has started to grow under the new Fernandez administration that began in August 2004, construction, tourism and telecommunications are the sectors that are at the forefront.However, do not forget what supported by the National Human Development Report 2005 UNDP / RD, pointing out that the current model of tourism is not, despite its vigor, a sustainable proposal, and if the same “no amending, is exhausted. Therefore, remains unfulfilled in the country, that national leadership will discuss in depth what this amendment is to make to this burgeoning sector of the Dominican economy. According to that report, the negative externalities associated with: the insecurity, the environmental detrioro (ranging from clearing of protected areas, destruction of habitats of endemic, to the use of water sources for purposes of waste and destruction of mangroves and marine areas), property speculation, and especially the exclusion of the Dominican population and their value added to the context of tourism, are of medium and long term that “unsustainable over time will this activity.”Moreover, with the strong competition that it entails in the Caribbean area. It is paradoxical, ironic and surprising nationally and internationally, who just two months of published UNDP report, which technically demonstrated the infeasibility of this model of tourism in the long or medium term, under a subheading in Chapter III of “Tourism: If unchanged, the exhaustion itself Ministry of Tourism (Secretaria de Estado), launched an international campaign to promote tourism in which his main slogan reads:” Dominican Republic: Inexhaustible. The current administration is working to increase production capacity of electric power, key to continued economic growth, but its main problem is not funding but generating.

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11.3.13

Limited Liability Company

Commercial Limited Liability Company 1. Background. In discussing the evolution of the corporation, initially there was interference with property and strict state control in the formation of such societies, they were created to enable mass participation in companies in big cities. The corporation was the main form of company that, faced with limited partnerships and collective allowed until the mid-nineteenth century to limit the risk of all partners to the amount of their contributions. Faced with this situation and because of the need to promote the development of small and medium enterprises in a private, liability company emerged in Europe in the nineteenth century, as an alternative to the regime offered partnerships, limited partnerships and limited liability . In the first two the responsibility of the general partners is unlimited and they responded with their personal assets for the debts. On the other hand, although the corporation limited the liability of the members of their contribution, this was adequate primarily as a means of association for large firms. In this context appears limited liability companies as a type that combines the personal factor of the limited partnerships and collective, with the limitation of liability that had hitherto been a feature of joint stock companies. But it can not be said to have been created for small and medium only empresas.La first legislative regulation of what today is the limited liability company was in Germany. In other European countries during the first decades of the twentieth century are now known varieties of the limited liability company.

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