§ 8.04.250. License nontransferable.

(A) No license issued under the provisions of this chapter shall be transferable by the licensee to any other person, and a license shall be valid only for the particular establishment described thereon and for the designated number and type of slot machines, games or devices for which it is issued. Unless otherwise specifically provided by state law, the license is not an asset of the licensed entity and may not be inherited, sold, assigned, maintained or operated by a trustee or receiver unless approved by appropriate state and county licensing agencies.

(B)

A gaming license, even though issued to a corporation or other entity is personal to the disclosed and investigated owners, stockholders and managers. No person may hold an ownership interest in, or share in the revenue from a licensed gaming establishment or operation until licensed or found suitable as provided in this chapter. Any sale or transfer of ownership of a licensed entity, or granting of any right to all or a portion of the profits derived from a gaming operation to any person which is not approved as provided herein, is grounds for suspension, restriction or revocation of any and all gaming licenses which that entity may hold.

(Reg. G-58-80 § 33, 1980: Reg. G-50-79 § 11, 1979: Reg. G-11-61 § 26, 1961)