La. Admin. Code tit. 42 § III-2506

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-2506 - Prohibited Transfers; Licensed Eligible Facility; Casino Operator

A. The transfer of more than 50 percent ownership or economic interest or a transfer that has the effect of transferring control in a licensed eligible facility is prohibited.

B. The casino operator shall not transfer the casino operating contract or any interest therein, or subcontract the performance of any of the casino operator's duties or obligations thereunder, to any person without first obtaining the approval of the board.

C. Except a transfer to a leasehold mortgagee in compliance with the casino lease or in connection with the initial plan financing or other approved financing or a transfer pursuant to section 23. 6(g) of the casino operating contract, the casino operator shall not voluntarily or involuntarily transfer the casino lease, or any interest therein, to any person without first obtaining the approval of the board.

La. Admin. Code tit. 42, § III-2506

Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 38:1625 (July 2012).

AUTHORITY NOTE: Promulgated in accordance with R.S. 27:15 and 24.