Virginia Code 58.1-4117: Acquisition of interest in licensee or permit holder.
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The Department shall require any person desiring to become a principal of, or other investor in, any licensee or holder of a supplier‘s permit to apply to the Board for approval and may demand such information of the applicant as it finds necessary. The Board shall consider such application within 60 days of its receipt, and if in its judgment the acquisition by the applicant would be detrimental to the public interest, to the honesty and integrity of gaming operations, or to its reputation, the application shall be denied. All reasonable costs for review by the Board shall be borne by the applicant.
Terms Used In Virginia Code 58.1-4117
- Board: means the Virginia Lottery Board established in the Virginia Lottery Law (§ Virginia Code 58.1-4100
- Department: means the independent agency responsible for the administration of the Virginia Lottery created in the Virginia Lottery Law (§ Virginia Code 58.1-4100
- Person: means an individual, partnership, joint venture, association, limited liability company, stock corporation, or nonstock corporation and includes any person that directly or indirectly controls or is under common control with another person. See Virginia Code 58.1-4100
- Principal: means any individual who solely or together with his immediate family members (i) owns or controls, directly or indirectly, five percent or more of the pecuniary interest in any entity that is a licensee or (ii) has the power to vote or cause the vote of five percent or more of the voting securities or other ownership interests of such entity, and any person who manages a gaming operation on behalf of a licensee. See Virginia Code 58.1-4100
- Supplier: means any person that sells or leases, or contracts to sell or lease, any casino gaming equipment, devices, or supplies, or provides any management services, to a licensee. See Virginia Code 58.1-4100