1. Pari-mutuel wagering shall only be conducted within the grounds or enclosure of a race track licensed by the commission and shall only be conducted with respect to horse races and race meetings which have been authorized by the commission at such licensed race track. No organization shall conduct pari-mutuel wagering on horse racing without a valid race track license issued by the commission with respect to the conduct of horse racing and race meets authorized by the commission. Any organization desiring to conduct pari-mutuel wagering on horse racing shall apply to the commission for a race track license and shall provide the information required by the commission before a license may be issued.

2. The commission shall not issue any race track license to any individual or organization:

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(1) Who has or which has an officer, director, or stockholder who has been convicted of a felony;

(2) Who has or which has an officer, director, or stockholder who has been convicted of or pleaded nolo contendere to any illegal gambling activity; or

(3) Who is or which has an officer, director, or stockholder who is not of good moral character.

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As used in this subsection, the term “stockholder” shall mean record owners of any class of stock, and beneficial owners of any class of stock as provided in subsection 4 of section 313.600, which constitutes two percent or more of the licensee’s stock.

3. The commission shall not issue any license for a race track unless the commission has first determined:

(1) That the applicant would be a suitable licensee;

(2) That a licensed race track at the proposed location would be in the public interest;

(3) That the proposed race track operation is economically feasible;

(4) That the proposed race track’s establishment would not be detrimental to the development of a sound horse racing program for Missouri;

(5) That any financing of applicant’s proposed operations is adequate and comes from a source that is not detrimental to the public interest; and

(6) That the applicant has complied with all requisite provisions of law and of rules and regulations promulgated by the commission.

4. If any organization is ineligible to be granted a race track license because of any of the matters set forth in this section, any other affiliated organization or person that is either controlled, directly or indirectly, by such ineligible organization or person shall also be ineligible.

5. The commission shall only license the number of race tracks and authorize the number of races which it determines to be in the public interest and economically feasible.