(1) The executive director shall present his recommendation upon an application to the commission at the next meeting of the commission.

(2) The commission may, after considering the recommendation of the executive director, issue to the applicant named, as a natural person, and to the licensed gaming establishment, as a business entity, under the name or style therein designated, a state gaming license, or may deny the same. The commission may limit the license or place such conditions thereon as it may deem necessary in the public interest. The commission may, if it considers necessary, issue a probationary license. No state gaming license may be assigned either in whole or in part.

(3) After the issuance of the license, it shall continue in effect upon proper payment of the state license fees and any other fees, taxes and penalties, as required by law and the regulations of the commission, subject to the power of the commission to revoke, suspend, condition or limit licenses.

(4) The commission may further limit or place such conditions as it may deem necessary in the public interest upon any registration, finding of suitability or approval for which application has been made.

(5) After the executive director has made a recommendation for denial of an application, the commission, after considering the recommendation of the executive director, may:

(a) Deny the application;

(b) Remand the matter to the executive director for such further investigation and reconsideration as the commission may order; or

(c) By unanimous vote of the members present, grant the application for a license, registration, finding of suitability or approval.

(6) If the commission is not satisfied that an applicant recommended by the executive director is qualified to be licensed under this chapter, the commission may cause to be made such investigation into and conduct such hearings concerning the qualifications of the applicant in accordance with its regulations as it may deem necessary.

(7) If the commission desires further investigation be made or desires to conduct any hearings, it shall, within thirty (30) days after presentation of the recommendation of the executive director, so notify the applicant and set a date for hearing. Final action by the commission must be taken within one hundred twenty (120) days after the recommendation of the executive director has been presented to the commission. Failure of the commission to take action within one hundred twenty (120) days shall be deemed to constitute approval of the applicant by the commission, and a license must be issued forthwith upon compliance by the applicant.

(8) The commission has full and absolute power and authority to deny any application for any cause it deems reasonable. If an application is denied, the commission shall prepare and file its written decision upon which its order denying the application is based.