Wis. Admin. Code Department of Administration [Gaming] Game 5.17
A license issued under s. 562.05(1) (a) or (b), Stats., is for the benefit of the licensee only, and is applicable only to the location for which the license is issued. The license may not be sold or otherwise transferred and shall terminate upon a substantial change of ownership of the licensee, unless the division has granted prior written approval of the substantial change. The sale, pledge, encumbrance or other transfer of 5% or more of the equity securities or other ownership interest of a partnership, association or corporation holding a license under s. 562.05(1) (a) or (b), Stats., shall be considered a substantial change of ownership. Any request for approval of a substantial change in ownership shall contain, where applicable, the same information about the proposed transferee as is required to be furnished under s. Game 5.04. Upon receipt of all information required by the division with regard to a proposed substantial change in ownership, the division shall, within 60 days, make a determination whether to authorize and approve the substantial change in ownership of a licensee.
Wis. Admin. Code Department of Administration [Gaming] Game 5.17