Louisiana Administrative Code
Title 42 - LOUISIANA GAMING
Part III - Gaming Control Board
Chapter 25 - Transfers of Interest in the Casino Operator, Licensees, and Permittees; Loans and Restrictions
Section III-2506 - Prohibited Transfers; Licensed Eligible Facility; Casino Operator
Current through Register Vol. 50, No. 3, March 20, 2024
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.
AUTHORITY NOTE: Promulgated in accordance with R.S. 27:15 and 24.