There are 2 classes of Playboy stock that are publicly traded (Class A and Class B). According to a 1999 proxy statement, for year ending 12-31-98 (the latest filed info that I could find), a controlling amount of shares in both stocks is owned by trusts in which Hefner is trustee. See relevant info copied below.

Based on this info, unless Hefner would relinquish trustee status, I think he would have to pass a Nevada license hearing before Playboy corporation would be granted a license. JMO.

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PLAYBOY - CLASS A STOCK
Hugh M. Hefner, Trustee
The Hugh M. Hefner 1991 Trust(4)
9242 Beverly Boulevard
Beverly Hills, CA 90210

3,321,836 shares
69.95% of Class A stock outstanding

PLAYBOY - CLASS B STOCK
Hugh M. Hefner, Trustee
The Hugh M. Hefner 1991 Trust(4)
9242 Beverly Boulevard
Beverly Hills, CA 90210

7,965,508 shares
50.20% of Class B shares outstanding