Notwithstanding any other provisions of law to the contrary, the Virgin Islands Horse Racing Commission may award lease-franchises or concession agreement for a term of up to twenty years to any individual, partnership, organization, association, corporation, or entity, which applies to the Commission to promote and conduct horse racing and related activities in the Virgin Islands. Any lease-franchises or concession agreement awarded shall be for the daily occupancy, operation and use of all of the facilities and equipment located at Clinton Phipps Park on St. Thomas and the Doctor Randall Nicholas “Doc” James Racetrack on St. Croix and shall be subject to approval by the Governor and the Legislature.