(a) The Arkansas Racing Commission shall issue four (4) licenses to conduct casino gaming at casinos, as follows:

1. (1) The commission shall issue a casino license, as provided in The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, to a franchise holder located in Crittenden County, there being only one (1), to conduct casino gaming at a casino to be located at or adjacent to the franchise holder’s greyhound racing track and gaming facility as of December 31, 2017, in Crittenden County;

2. (2)

   1. (A) The commission shall also issue a casino license, as provided in Amendment 100, to a franchise holder located in Garland County, there being only one (1), to conduct casino gaming at a casino to be located at or adjacent to the franchise holder’s horse racing track and gaming facility as of December 31, 2017, in Garland County.
   2. (B) Casino licenses to be issued to franchise holders shall be issued upon:

(i) Adoption by the commission of rules necessary to carry out the purposes of Amendment 100; and

1. (ii) Initial laws and appropriations required by Amendment 100 being in full force and effect;
2. (3) The commission shall award a casino license to a casino applicant for a casino to be located in Pope County within two (2) miles of the city limits of the county seat; and
3. (4) The commission shall also award a casino license to a casino applicant for a casino to be located in Jefferson County within two (2) miles of the city limits of the county seat.

(b) No individual, corporation, partnership, association, trust, or other entity may hold more than one (1) casino license in Arkansas.

1. (c)
2. (1) Franchise holders at Oaklawn and Southland are not required to submit applications for casino licenses under this part.
3. (2) Each franchise holder shall submit to the commission a proposed date for the franchise holder to convert from operating under the Local Option Horse Racing and Greyhound Racing Electronic Games of Skill Act, Arkansas Code § 23-113-101 et seq., to operating under Amendment 100 and the rules adopted by the commission regulating casino gaming, and subject to the provisions of Amendment 100, such date shall be subject to approval by the commission.
4. (3) If Amendment 100 is amended or repealed in a manner that would restrict or preclude a franchise holder from operating casino gaming thereunder, the franchise holder may by written notice to the commission elect, subject to approval by the commission, to convert all or part of its facility and electronic games of skill back to operating under the Local Option Horse Racing and Greyhound Racing Electronic Games of Skill Act and the rules of the commission thereunder.