No license shall be granted to any racing association to conduct a race meeting within 100 miles of the track in the State of New York of another racing association to be engaged at the same time in conducting a race meeting, except in the case of an association which has conducted race meetings continuously for at least 10 years preceding the first day of January, 1943.
N.Y. Comp. Codes R. & Regs. Tit. 9 § 4003.3