Eligibility For Delayed Licensing

Eligibility For Delayed Licensing. (a) A limited partnership that holds or has applied for a gaming license may file an application for approval of delayed licensing of its limited partners. (b) Only limited partners whose aggregate effective ownership percentage in the limited partnership is less than ten percent (10%) will be considered for delayed licensing approval. For purposes of determining aggregate effective ownership percentage, an applicant who owns any part of a legal entity that is a limited partner shall be deemed to have the percentage ownership interest held by the legal entity, in addition to the percentage ownership that the applicant holds directly. (c) A general partner is not eligible for delayed licensing. (d) If the Commission rules that a limited partnership is eligible for delayed licensing of its limited partners, the Commission shall direct the Executive Director, based upon such investigation as he deems appropriate, to recommend to the Commission which of the limited partners who have applied for delayed licensing, if any, should be granted delayed licensing. (Adopted: 09/25/1991.)