Final Approval for a licence is issued in the form of a letter and will stipulate certain terms and conditions that must be agreed to by the Applicant. Depending upon the timing, the Final Approval may be issued with the physical licence in late December of each successive year.
The Registrar may, at any time, make a decision to:
- Refuse to issue the licence
- Deactivate a file, if the application is determined to be not proceeding
Issuing a Physical Licence
A physical licence is issued in December of any year in which the racetrack intends to start the racing operations, granting the Racetrack Operator authority to operate. It is the responsibility of the Racetrack Operator to apply to renew the licence each year.
Change in Ownership
Under the Act, the Registrar has the power to affect the status of a licence as follows:
- Any new ownership and any new officers and directors involved in the ownership structure of any company granted a Licence to Operate a Racetrack is subject to review by the AGCO, and must submit to a due diligence investigation and be deemed suitable for licensing by the Registrar
- Any changes to the financial arrangements of any company granted a Licence to Operate a Racetrack is subject to review by the AGCO, and must be submitted for due diligence and be deemed suitable by the Registrar