Massachusetts Treasurer Steven Grossman has detailed his process for appointing a member to the new five-member Gaming Commission.

"We only have one chance to get this right," he said in emphasizing openness.

Gov. Deval Patrick on Nov. 22 signed legislation authorizing casino gambling in the Bay State.

Grossman, Patrick and Attorney General Martha Coakley will each name a member, and collaborate on the other two vacancies.

Candidates must complete an extensive application, which the state Treasury Department has posted on its website. A five-member advisory panel Grossman has established will review the applications.

The panel will recommend a short list of finalists, which Grossman will make public.

The advisory panel consists of Jonathan Chiel, executive vice president and general counsel at John Hancock Financial; Christopher Gabrieli, co-founder and chairman of the education group Massachusetts 2020; Cathy Judd-Stein, special counsel and director of policy at the Massachusetts Lottery; Dennis Kanin, co-founder and principal of New Boston Ventures LLC; and Malcolm Salter, professor emeritus at Harvard Business School.

Candidates must have experience in corporate finance and securities. A search firm will be retained to help identify the two shared appointments.

Also last week, Grossman named Al Gordon as deputy treasurer for policy and formalized an earlier announcement by officially appointing James MacDonald as his first deputy treasurer.

MacDonald replaces Katherine Craven, who joined the University of Massachusetts Building Authority as executive director.

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