Sec. 2025.101.  LICENSE ELIGIBILITY REQUIREMENTS AND LIMITATIONS.  (a)  The burden of proof is on the applicant for an original racetrack license to show compliance with this subtitle and commission rules.  An applicant who does not show the necessary compliance is not eligible for a license under this chapter.
(b)  In considering an application for a horse racetrack license under this chapter, the commission shall give additional weight to evidence concerning an applicant who has experience operating a horse racetrack licensed under this subtitle.
(c)  The commission may not issue a license to operate a class 1 or class 2 racetrack or a greyhound racetrack to a corporation unless:
(1)  the corporation is incorporated under the laws of this state; and
(2)  a majority of any of its corporate stock is owned at all times by individuals who meet the residency qualifications prescribed by Section 2025.201 for individual applicants.
(d)  The majority ownership of a partnership, firm, or association applying for or holding a license must be held by citizens who meet the residency qualifications enumerated in Section 2025.201 for individual applicants.  A corporation that holds a license to operate a racetrack under this subtitle and that violates this subsection is subject to forfeiture of its charter.  The attorney general, on receipt of information relating to the violation, shall file suit in a district court of Travis County for cancellation of the charter and revocation of the license issued under this subtitle.
(e)  Subsections (c) and (d) and Section 2025.201(a)(12) do not apply to an applicant for or the holder of a racetrack license if the applicant, the license holder, or the license holder's parent company is a publicly traded company.
(f)  The commission may condition the issuance of a license under this chapter on the observance of commission rules.  The commission may amend the rules at any time and may condition the continued holding of the license on compliance with the rules as amended.
(g)  A person may not own more than a five percent interest in more than three racetracks licensed under this subtitle.
(h)  Notwithstanding any other law, a person who owns an interest in two or more racetracks licensed under this subtitle and who also owns an interest in a license issued under Subtitle B, Title 3, Alcoholic Beverage Code, may own an interest in the premises of another holder of a license or permit under Title 3, Alcoholic Beverage Code, if the premises of that other license or permit holder are part of the premises of a racetrack licensed under this subtitle.
Added by Acts 2017, 85th Leg., R.S., Ch. 963 (S.B. 1969), Sec. 1.01, eff. April 1, 2019.