N.J. Stat. § 5:5-195
The authority may transfer the operation and control of a fixed odds wagering operation to an individual racetrack permit holder if both the authority and racetrack permit holder mutually agree to such transfer. The division and the Attorney General shall approve the transfer following the written agreement of the authority and racetrack permit holder. The division and the Attorney General shall review the agreement and determine if the racetrack permit holder has the appropriate apparatus to operate as a licensee of a fixed odds wagering system. If the transfer is not approved by the division and the Attorney General, the authority shall remain the fixed odds wagering licensee. Any agreement between the authority and a racetrack permit holder that does not receive approval from the division and Attorney General for a transfer may not be re-submitted for review until one year following the prior determination by the division and the Attorney General.
N.J.S. § 5:5-195