[No] (a) General rule.--Except as otherwise provided in
subsection (b), no slot machine licensee, its affiliate,
intermediary, subsidiary or holding company may possess an
ownership or financial interest that is greater than 33.3% of
another slot machine licensee or person eligible to apply for a
Category 1 license, its affiliate, intermediary, subsidiary or
holding company. The board shall approve the terms and
conditions of any divestiture under this section. Under no
circumstances shall any such divestiture be approved by the
board if the compensation for the divested interest in a person
eligible to apply for a Category 1 license exceeds the greater
of the original cost of the interest, the book value of the
interest or an independently assessed value of the interest one
month prior to the effective date of this part and, in the case
of a person eligible to apply for a Category 1 license, unless
the person acquiring the divested interest is required to
continue conducting live racing at the location where live
racing is currently being conducted in accordance with section
1303 (relating to additional Category 1 slot machine license
requirements) and be approved for a Category 1 slot machine
license. No such slot machine license applicant shall be issued
a slot machine license until the applicant has completely
divested its ownership or financial interest that is in excess
of 33.3% in another slot machine licensee or person eligible to
apply for a Category 1 license, its affiliate, intermediary,
subsidiary or holding company.
(b) New Category 2 slot machine licenses.--
(1) A slot machine licensee that was issued a slot
machine license prior to the effective date of this
subsection may possess a partial or complete ownership or
20160HB2353PN3889 - 3 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30