Business and Professions Code § 19480

(a) The board may issue to any person who makes application therefor in writing, who has complied with this chapter, and who makes the deposit to secure payment of the license fee imposed by this article, a license to conduct a horse racing meeting in accordance with this chapter at the track specified in the application if the board determines that the issuance thereof will be in the public interest and will subserve the purposes of this chapter.

(b) For purposes of this section, “person” means any officer, director, or partner, or any individual who holds 5 percent or more of outstanding shares, of a racing association.