A. The commission may refuse, suspend, or withdraw licenses granted by it for just cause.
B. Those things constituting just cause are:
(1) Any action by a licensee contrary to the provisions of this Part or an agreement or plan of operation for an offtrack wagering facility located in a sports book lounge.
(2) Corrupt practice.
(3) Intentional falsification and/or intentional misstatement of a material fact in an application to operate an offtrack wagering facility.
(4) Material false statement to the commission.
(5) Continued failure or inability of the licensee to meet its financial obligations connected with fulfillment of the purposes for which its license was issued.