921738--2/26/2010--PENN_NATIONAL_GAMING

related topics

{debt, indebtedness, cash}

{cost, operation, labor}

{capital, credit, financial}

{regulation, change, law}

{competitive, industry, competition}

{operation, natural, condition}

{investment, property, distribution}

{operation, international, foreign}

{cost, regulation, environmental}

{personnel, key, retain}

{financial, litigation, operation}

{stock, price, operating}

{cost, contract, operation}

{condition, economic, financial}

Risks Related to Our Business A substantial portion of our revenues is derived from our Charles Town, West Virginia and Lawrenceburg, Indiana facilities. We may face disruption in integrating and managing facilities we may develop or acquire in the future. We face risks related to the development and expansion of our current properties. We face a number of challenges prior to opening new or upgraded gaming facilities. We face significant competition from other gaming operations. Our management service contract for Casino Rama expires on July 31, 2011. We are or may become involved in legal proceedings that, if adversely adjudicated or settled, could impact our financial condition. We face extensive regulation from gaming and other regulatory authorities. We depend on our key personnel. Compliance with changing regulation of corporate governance and public disclosure may result in additional expenses and compliance risks. Inclement weather and other casualty events could seriously disrupt our business and have a material adverse effect on our financial condition and results of operations. The extent to which we can recover under our insurance policies for damages sustained at our properties in the event of future hurricanes and casualty events could adversely affect our business. We are subject to environmental laws and potential exposure to environmental liabilities. The concentration and evolution of the slot machine manufacturing industry could impose additional costs on us. We depend on agreements with our horsemen and pari-mutuel clerks. Work stoppages, organizing drives and other labor problems could negatively impact our future profits. Risks Related to Our Capital Structure Our substantial indebtedness could adversely affect our financial health and prevent us from fulfilling our obligations under our debt. The volatility and disruption of the capital and credit markets and adverse changes in the global economy may negatively impact our revenues and our ability to access financing. The availability and cost of financing could have an adverse effect on business. Our indebtedness imposes restrictive covenants on us. To service our indebtedness, we will require a significant amount of cash, which depends on many factors beyond our control. The price of our Common Stock may fluctuate significantly.

Full 10-K form ▸

921738--2/26/2010--PENN_NATIONAL_GAMING_INC