The license process goes something like this.
You apply.
You pay for all expences of background check for all key owners and employees. I hear this can run to 6 and even 7 figures.

Somewhere down the road, this can take a year or more, you either get approved, denied, or you withdraw because you've changed your mind or you know withdrawal is better than denial.

If you get approved, you start readying your property. Final gaming approval does not come until days or even hours before your grand opening. They must walk your property and make sure you are in compliance. Some properties do not get approval on time, example The Aladdin.