§ 1365. Conservatorship. 1. Upon revocation or suspension of a gaming
facility license or upon the failure or refusal to renew a gaming
facility license, the commission may appoint a conservator to
temporarily manage and operate the business of the gaming licensee
relating to the gaming facility. Such conservator shall be a person of
similar experience in the field of gaming management and, in the case of
replacing a gaming facility licensee, shall have experience operating a
gaming facility of similar caliber in another jurisdiction, and shall be
in good standing in all jurisdictions in which the conservator operates
a gaming facility. Upon appointment, a conservator shall agree to all
licensing provisions of the former gaming licensee.

2. A conservator shall, before assuming, managerial or operational
duties, execute and file a bond for the faithful performance of its
duties payable to the commission with such surety and in such form and
amount as the commission shall approve.

3. The commission shall require that the former or suspended gaming
licensee purchase liability insurance, in an amount determined by the
commission, to protect a conservator from liability for any acts or
omissions of the conservator during the conservator's appointment which
are reasonably related to and within the scope of the conservator's
duties.

4. During the period of temporary management of the gaming facility,
the commission shall initiate proceedings under this article to award a
new gaming facility license to a qualified applicant whose gaming
facility shall be located at the site of the preexisting gaming
facility.

5. An applicant for a new gaming facility license shall be qualified
for licensure under this article; provided, however, that the commission
shall determine an appropriate level of investment by an applicant into
the preexisting gaming facility.

6. Upon award of a new gaming facility license, the new gaming
facility licensee shall pay the original licensing fee required under
this article.