Licenses to operate as a food service concessionaire and concessionaire are non-transferable and will terminate upon a substantial change of ownership unless the division has granted prior approval. The sale or transfer of 25% or more of the ownership of a food service concessionaire or concessionaire shall be considered a substantial change of ownership. In acting upon a request for approval of a substantial change in ownership, the division shall consider the same factors as it considered in the initial grant of a license to a food service concessionaire or concessionaire.
Wis. Admin. Code Department of Administration [Gaming] Game 20.11