(a)

1. (1) If a gaming establishment is conveyed to a secured party who does not possess the licenses necessary to operate the establishment, and the licensee ceases gaming operations as a result, the licensee must immediately surrender the licensee’s casino license and, upon written notification from the Arkansas Racing Commission that the surrender is accepted, the license shall be deemed to have lapsed.
2. (2) The commission may, upon its own initiative or upon a request by the former secured party of the establishment, petition a court of competent jurisdiction for the appointment of a supervisor pursuant to this part to ensure the continuation of the gaming operation upon lapse of the license.

(b)

1. (1) Except as provided in subsection (a) of this section, any licensee who surrenders, abandons, or quits his or her licensed establishment, or who closes all of his or her licensed games for a period exceeding one (1) month, shall within ten (10) days after surrendering, quitting, or abandoning his or her licensed establishment or so closing his or her games, surrender his or her license to the commission.
2. (2) The commission may, upon request, authorize closing for longer periods, however, such extension will not permit closing for an entire calendar quarter.

(c)

1. (1) Subsection (b) of this section shall not apply if the commission authorizes closure of any licensed gaming establishment that temporarily ceases the operation of all licensed games because of natural disaster, fire, or other physical destruction of the licensed gaming establishment.

2. (2) In such circumstances, the licensee shall notify the commission of the:

   1. (A) Circumstances requiring closure of the licensed games pending rebuilding or repair of the premises;
   2. (B) Anticipated duration of the closure; and
   3. (C) Intent of the licensee to commence operation as soon as rebuilding or repairs have been completed.
3. (3) Upon receipt of such notice, the commission, if satisfied that the premises are in fact unusable for continuing gaming, may authorize closure for such time as is necessary.

(d)

1. (1) Any licensee granted temporary closure by the commission under this subsection is a continuing state casino licensee subject to the provisions of The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, and rules adopted thereunder, and shall also be subject to such conditions, by way of placement of a bond, reporting, or otherwise, as may be deemed necessary by the commission.
2. (2) Prior to resumption or partial resumption of gaming operations, licensees shall pay in advance any license fees and taxes due.