(1) The company that has received a license to operate a casino during the commencement of this regulation shall submit an application for a license in accordance with this regulation within nine months from the date of commencement of this regulation.
(2) If the application is not submitted within the time limit as per sub-rule (1) or if the license is not obtained in accordance with this regulation despite the application being submitted, the license granted before the commencement of this regulation shall be deemed to be automatically revoked.