Content analysis
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Legalese | ||
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H.S. senior Avg
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New words:
abetted, Adam, aided, al, allege, alleged, alleviate, amenity, appraisal, Berhard, canceled, captioned, challenging, David, delisted, deny, deregistered, dismissed, duty, earliest, enjoin, extension, fiduciary, frame, Franchi, GenM, Harold, Index, join, Kein, Litwin, Memorandum, Merger, merit, mexican, Milano, misleading, MOU, Mullen, omitted, partially, phased, plaintiff, pool, preliminary, prepay, product, promulgated, properly, prove, proxy, Southern, Supreme, surviving, thereof, Topco, Understanding, voluntarily, waiver
Removed:
complementary, covering, declared, deem, expired, expiring, face, immaterial, invest, limitation, matching, registered, universal, unsold
Financial report summary
?Risks
- Our substantial indebtedness, and the fact that a significant portion of our cash flows is used to make principal and interest payments, fixed and percentage rent payments under the Casino Lease and the Alder Lease and meet other financial obligations, could adversely affect our ability to fund our operations, limit our ability to react to changes in the economy or our industry or implement new business initiatives and prevent us from making debt service payments and rent payments.
- Current and future cash flow may be insufficient to service all our indebtedness, lease payment and other financial obligations. If sufficient cash flow is not generated from operations to service our debt, make rent payments and meet other financial obligations, our business, financial conditions, results of operations and prospects could be materially adversely affected.
- Repayment of our and our subsidiaries’ debt is dependent on cash flow generated by our subsidiaries.
- Defaults under any of our principal debt arrangements could result in a substantial loss of our assets.
- The gaming industry in the northeastern United States is highly competitive, with many of our competitors better known and better financed than us.
- Our business is subject to extensive regulation and the cost of compliance or failure to comply with such regulations may adversely affect our business and results of operations. Moreover, our inability or the inability of our subsidiaries, key personnel, significant stockholders, vendors financial sources or joint venture partners to obtain or maintain required gaming regulatory licenses, permits or approvals could prevent us from operating our facilities or otherwise adversely impact our results of operation.
- Changes in the laws, regulations, and ordinances (including local laws) to which our gaming operations are subject, and changes in the application or interpretation of existing laws and regulations to our operations, may adversely affect our results of operation.
- New York State could grant additional Gaming Facility Licenses in our area or in New York City or the surrounding counties earlier than the expected seven-year blackout period, which could significantly increase the already intense competition in the northeastern United States and cause us to lose or be unable to gain market share.
- We expect that competition from internet gaming will continue to grow and intensify.
- Our business is particularly sensitive to reductions in discretionary consumer and corporate spending as a result of global economic conditions.
- We are subject to greater risks than a geographically diverse company.
- We depend on our skilled employees and key personnel and the loss of their services would adversely affect our operations and business strategy.
- A significant portion of our labor force is covered by collective bargaining agreements. Work stoppages, labor problems and unexpected shutdowns may limit our operational flexibility and negatively impact our future profits.
- We often extend credit, and we may not be able to collect gaming receivables from our credit players or credit play may decrease.
- We face the risk of fraud and cheating.
- Win rates for our gaming operations depend on a variety of factors, some of which are beyond our control.
- Our table games business is subject to volatility which could adversely affect our financial condition.
- Extreme weather conditions may cause property damage or interrupt business, which could hard our business and results of operations.
- Our business is particularly sensitive to energy prices and a rise in energy prices could harm our operating results.
- Negative conditions affecting the lodging industry may have an adverse effect on our revenues and cash flows.
- We are required to comply with extensive non-gaming laws and regulations.
- A downgrade in our credit ratings could materially adversely affect our business and financial condition.
- We may incur additional indebtedness and lease commitments, which could adversely affect our ability to pursue certain business opportunities.
- Instability and volatility in the financial markets could have a negative impact on our ability to raise additional capital to expand our businesses.
- We may be subject to environmental liability as a result of unknown environmental hazards.
- Our information technology and other systems are subject to cybersecurity risk including misappropriation of patron information or other breaches of information security.
- The failure to maintain the integrity of our computer systems and customer information could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits and restrictions on our use of data.
- Construction of the Development Projects, some of which is still ongoing, is subject to hazards that may cause personal injury or loss of life, thereby subjecting us to liabilities and possible losses, which may not be covered by insurance.
- The costs associated with the Development Projects may increase due to risks inherent in the design and development of such projects and their construction.
- Even if the Casino, The Alder and the Golf Course Project are completed as planned and opened, they may not be financially successful, which would limit our cash flow and would materially adversely affect our operations and our ability to repay our debt.
- Our business depends on a strong brand and if we are not able to build, maintain and enhance our brand, our ability to expand our market will be impaired and our business and operating results will be harmed.
- Stockholders’ ability to influence corporate decisions may be limited because our major stockholder owns a large percentage of our common stock.
- The Racing, Pari-Mutuel Wagering and Breeding Law of New York State requires our stockholders to possess certain qualifications. If the NYSGC believes a stockholder does not meet its subjective determination, a stockholder may be forced to sell any stock they hold and such sale may result in a material loss of investment value for the stockholder.
- The market price of our common stock is volatile, leading to the possibility of its value being depressed at a time when our stockholders want to sell their holdings.
- If we fail to meet the applicable continued listing requirements of NASDAQ Global Market, NASDAQ may delist our common stock, in which case the liquidity and market price of our common stock could decline.
- We do not anticipate declaring any dividends in the foreseeable future.
- Future sales of our common stock by our insiders may cause our stock price to decline.
- Future sales of shares of our common stock in the public market could adversely affect the trading price of shares of our common stock and our ability to raise funds in new stock offerings.
- The continuing decline in the popularity of horse racing, decline of the horse population and increasing competition in simulcasting could adversely impact the business of Monticello Casino and Raceway.
- There can be no assurance that the New York State will enact regulations and/or laws allowing the offering of the bet365 Sportsbook Services or the bet365 Gaming Services, in which case we may never sell additional shares to bet365 under the Collaboration Agreement or otherwise generate any Collaboration Revenues from the Collaboration Agreement.
- The NYSGC may deem bet365 a person unsuitable to offering any of the bet365 Sportsbook Services or bet365 Gaming Services pursuant to the Collaboration Agreement or the bet365 Investor unsuitable to own equity interests in the Company, in which case we may never sell the shares not yet issued to bet365 under the Collaboration Agreement, we may need to repurchase the shares previously purchased by bet365 pursuant to the terms of applicable gaming laws and our Second Amended and Restated Certificate of Incorporation, and we may never generate any Collaboration Revenues from the Collaboration Agreement.
- Following the receipt of approval of bet365 Investor's ownership of the shares or the enactment of the regulations and/or laws necessary to enable the offering of the bet365 Sportsbook Services and/or the bet365 Gaming Services, bet365 may determine the Collaboration Agreement is not commercially viable, in which case it may terminate the Collaboration Agreement. If bet365 terminates the Collaboration Agreement pursuant to this right, the Company’s ability to offer commercially competitive sports betting and online gaming services may be materially adversely affected.
- In the event the market price or fair market value of the Company’s common stock will be below $20 on the Trigger Date, bet365 will receive the Preferred Distribution in the amount of the Common Stock Delta, which will reduce or delay the Company’s receipt of a share of profits from the Collaboration Revenue.
- Even if New York State enacts regulations and/or laws permitting the bet365 Sportsbook Services and/or the bet365 Gaming Services during the term of the Collaboration Agreement, the bet365 Collaboration may never be profitable for the Company.