(a) Upon the filing of an application for a casino license and such supplemental information as the Commission may require, the Commission shall request the Division to conduct such investigation into the qualification of the applicant, and the Commission shall conduct a hearing thereon concerning the qualification of the applicant in accordance with its regulations.
(b) After such investigation and hearing, the Commission may either deny the application or grant a casino license to an applicant whom it determines to be qualified to hold such license.
(c) The Commission shall have the authority to deny any application pursuant to the provisions of this chapter. When an application is denied, the Commission shall prepare and file an order denying such application with the general reasons therefor, and if required by the applicant, shall further prepare and file a statement of the reasons for the denial, including the specific findings of facts.
(d) After an application is submitted to the Commission, final action of the Commission shall be taken within 90 days after completion of all hearings and investigations and the receipt of all information required by the Commission.
(e) If satisfied that an applicant is qualified to receive a casino license, and upon tender of all license fees and taxes as required by law and regulations of the Commission, and such bonds as the Commission may require for the faithful performance of all requirement imposed by law or regulations, the Commission shall issue a casino license for the term of 1 year.
(f) The Commission shall fix the amount of the bond or bonds to be required under this section in such amounts as it may deem appropriate, by rules of uniform application. The bonds so furnished may be applied by the Commission to the payment of any unpaid liability of the licensee under this chapter. The bond shall be furnished in cash or negotiable securities, by a surety bond guaranteed by a satisfactory guarantor, or by an irrevocable letter of credit issued by a banking institution of the United States Virgin Islands acceptable to the Commission. If furnished in cash or negotiable securities, the principal shall be placed without restriction at the disposal of the Commission, but any income shall inure to the benefit of the licensee.
(g) Within six (6) months of obtaining all necessary licenses, permits and all other requirements needed to proceed with the construction and operation of the casino hotel or horse racetrack casino, the casino licensee shall commence and continue substantial construction of the casino hotel or horse racetrack casino. In the event construction has not commenced within the time period required by this section, the Commission, after submittal of an application by the casino licensee for an extension, and after investigation and hearing, may grant an extension of six (6) months within which construction must begin.
(h) After the expiration of the six (6) month extension period, if the casino licensee has not commenced substantial construction of the casino hotel or horse racetrack casino, the Commission shall automatically suspend the license of the casino licensee to operate a casino on St. Croix. The casino licensee shall be entitled to a hearing to show reasonable cause as to why the delay is justified. Should the Commission find reasonable cause exists to justify delay, an additional three (3) month extension may be granted, during which time construction must commence. If at the hearing no reasonable cause is found to justify the casino licensee's delay, the Commission shall immediately rescind the casino licensee's license to operate a casino on St. Croix.
(i) If, after being granted the additional three (3) month period, the casino licensee still has not commenced construction of the casino hotel or horse racetrack casino by the expiration of the extension period, the Commission shall automatically rescind the license of the casino licensee to operate a casino on St. Croix. A casino licensee whose license has been revoked as a result of non-compliance with the provisions of subsections (g), (h) and (i) of this section shall from thereon be precluded from filing an application for the operation of a casino hotel or horse racetrack casino in the Virgin Islands.