(a) The original license issued in accordance with the terms of this part shall be for a period to allow 10 full calendar years of racing following the construction and equipping of the racing plant or facility or for the length of time required for the amortization of the capital investments, whichever is longer, and shall be granted so as to expire on the 31st day of December following 10 full calendar years of racing or the amortization of the capital investment. Once determined by the racing commission, the period of years constituting the length of time required to amortize the capital investment shall be finally determined, and the term of the original license granted by the racing commission shall continue uninterrupted notwithstanding any subsequent transfer of the original license. On or before the 1st day of December of the last year of the original license, the racing commission shall accept applications in the manner, form, and requiring the requisite qualifications all as prescribed in this part for additional periods of not more than three calendar years. On or before the 1st day of January thereafter, the commission shall convene to consider and act upon such applications. Subsequent applications shall be accepted and licenses issued in the same manner. If a licensee shall apply for a renewal license, the same shall not be denied except for good cause provided, however, the commission may require that such licensee furnish the requisite information and meet the requisite qualifications required by this part.

(b) The license granted under this part shall set forth in addition to any other information prescribed by the racing commission the name of the licensee, the location of the race track, duration of the race meeting, and the kind of racing desired to be conducted and shall show the receipt by the commission of a license fee set by the commission. The license fee shall not exceed one thousand dollars ($1,000) annually. No such license shall be transferable without the prior approval of the racing commission, nor shall it apply to any other place, track, or enclosure except the one specified in the license.