(1) The executive director and his employees shall investigate the qualifications of each applicant under this chapter before any license is issued or before any registration, finding of suitability or approval of acts or transactions for which commission approval is required is granted, and the executive director shall continue to observe the conduct of all licensees and other persons having a material involvement directly or indirectly with a licensed gaming operation or registered holding company to ensure that licenses are not issued or held by, nor is there any material involvement directly or indirectly with a licensed gaming operation or registered holding company by, unqualified, disqualified or unsuitable persons or persons whose operations are conducted in an unsuitable manner or in unsuitable or prohibited places or locations.
(2) The executive director has the authority to recommend to the commission the denial of any application, the limitation, conditioning or restriction of any license, registration, finding of suitability or approval or the imposition of a fine upon any person licensed, registered or found suitable or approved for any cause deemed reasonable by the executive director.
(3) The commission has full and absolute power and authority to deny any application or limit, condition, restrict, revoke or suspend any license, registration, finding of suitability or approval, or fine any person licensed, registered, found suitable or approved, for any cause deemed reasonable by the commission.
(4) Any license issued or other commission approval granted pursuant to the provisions of this chapter is a revocable privilege, and no holder acquires any vested right therein or thereunder. The initial decision of the commission to deny, limit, condition or restrict a license shall be final.