63 unchanged sentences
The RFPs for both
−Removed: locations are for new 10-year agreements with one five-year renewal option.
−Removed: The landlord has not indicated when they will be making decisions as to the successful bidder(s).
+Added: locations are for new 10-year agreements with one five-year renewal option (see Note 11 - Commitments and Contingencies to the Consolidated Financial Statements).
(5) We operate six small food court restaurants and one full-service restaurant in the Village Eateries food court at the New York-New York Hotel and Casino.
We also operate that hotel’s room service, banquet facilities and employee cafeteria.
−Removed: (6) This location is for a kiosk located at Bryant Park, New York, NY and all seating is outdoors.
+Added: (6) This location is for a kiosk located at Bryant Park, New York, New York and all seating is outdoors (see Note 11 - Commitments and Contingencies to the Consolidated Financial Statements).
(*) Represents common area seating.
19 unchanged sentences
(5) We own a 19.2% interest in the partnership that owns El Rio Grande .
+Added: The Company advised the landlord of El Rio Grande we would be terminating the lease and closing the property permanently on or around January 1, 2025 (see Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Recent Restaurant Dispositions).
(6) Management fees earned, which have been eliminated in consolidation, are based on a percentage of gross sales of the restaurant.
(7) We own a 64.4% interest in the partnership that owns the Tampa and Hollywood Food Courts .
+Added: On November 26, 2024, the Company agreed to terminate its lease for the food court at The Hard Rock Hotel and Casino in Tampa, FL.
+Added: The termination agreement is subject to the approval of the United States Department of the Interior, Bureau of Indian Affairs (see Management’s Discussion and Analysis of Financial Condition and Results of Operations - Recent Developments).
(*) Represents common area seating
7 unchanged sentences
On June 24, 2022, the Company extended its lease for America at the New York-New York Hotel and Casino in Las Vegas, NV through December 31, 2033.
−Removed: In connection with the extension, the Company has agreed to spend a minimum of $4,000,000 to materially refresh the premises by December 31, 2024, subject to various extensions as set out in the agreement.
−Removed: No amounts have been expended to date related to this refresh.
+Added: In connection with the extension, the Company has agreed to spend a minimum of $4,000,000 to materially refresh the premises by December 31, 2025 (as extended from December 31, 2024), subject to various extensions as set out in the agreement.
+Added: To date approximately $100,000 has been spent on this refresh.
On July 21, 2022, the Company extended its lease for the Village Eateries at the New York-New York Hotel and Casino in Las Vegas, NV through December 31, 2034.
As part of this extension, the Broadway Burger Bar and Grill and Gonzalez y Gonzalez , were carved out of the Village Eateries footprint and the extended date for those two locations is December 31, 2033.
−Removed: In connection with the extension, the Company has agreed to spend a minimum of $3,500,000 to materially refresh all three of these premises by March 31, 2024 (as extended from June 30, 2023), subject to various extensions as set out in the agreement.
+Added: In connection with the extension, the Company has agreed to spend a minimum of $3,500,000 to materially refresh all three of these premises by December 31, 2025 (as extended from June 30, 2023), subject to various extensions as set out in the agreement.
To date approximately $950,000 has been spent on this refresh.
2 unchanged sentences
Note that our substantial completion of work set forth in plans approved by the landlord shall constitute our compliance with the requirements of the completion deadlines, regardless of whether or not the amount actually expended in connection therewith is less than the minimum.
−Removed: The opening of a new restaurant is invariably accompanied by substantial pre-opening expenses and early operating losses associated with the training of personnel, excess kitchen costs, costs of supervision and other expenses during the pre-opening period and during a post-opening “shake out” period until operations can be considered to be functioning normally.
−Removed: The amount of such pre-opening expenses and early operating losses can generally be expected to depend upon the size and complexity of the facility being opened.
Our restaurants generally do not achieve substantial increases in revenue from year to year, which we consider to be typical of the restaurant industry.
3 unchanged sentences
Recent Restaurant Dispositions
−Removed: On July 5, 2022, the Company terminated its lease for Lucky 7 at the Foxwoods Resort Casino.
−Removed: The closure did not result in a material change to the Company's operations.
+Added: The Company advised the landlord of El Rio Grande (a consolidated VIE) we would be terminating the lease and closing the property permanently on or around January 1, 2025.
+Added: In connection with this notification, the Company recorded a loss of $876,000 during the year ended September 28, 2024 consisting of:
+Added: (i) rent and other costs incurred in accordance with the termination provisions of the lease in the amount of $398,000, (ii) accrued severance and other costs in the amount of $94,000, (iii) an impairment charge related to long-lived assets in the amount of $269,000 and (iv) the write-off of our security deposit in the amount of $238,000, all partially offset by a gain related to the write-off of right-of-use ("ROU") assets and related lease liabilities in the net amount of $123,000.
Investment in New Meadowlands Racetrack LLC
1 unchanged sentence
On November 19, 2013, the Company invested an additional $464,000 in NMR through a purchase of an additional membership interest in Meadowlands Newmark, LLC resulting in a total ownership of 11.6% of Meadowlands Newmark, LLC, and an effective ownership interest in NMR of 7.4%, subject to dilution.
−Removed: In 2015, the Company invested an additional $222,000 in NMR and on February 7, 2017, the Company invested an additional $222,000 in NMR, both as a result of capital calls, bringing
−Removed: its total investment to $5,108,000 with no change in ownership.
−Removed: The Company accounts for this investment at cost, less impairment, adjusted for subsequent observable price changes in accordance with Accounting Standards Update ("ASU") No.
+Added: In 2015, the Company invested an additional $222,000 in NMR and on February 7, 2017, the Company invested an additional $222,000 in NMR, both as a result of capital calls, bringing its total investment to $5,108,000 with no change in ownership.
+Added: The Company accounts for this investment at cost, less
+Added: impairment, adjusted for subsequent observable price changes in accordance with Accounting Standards Update ("ASU") No.
There are no observable prices for this investment.
−Removed: During the years ended September 30, 2023 and October 1, 2022, the Company received distributions from NMR in the amounts of $52,000 and $421,000, respectively, which are included in other income in the consolidated statement of operations for the years then ended.
+Added: During the years ended September 28, 2024 and September 30, 2023, the Company received distributions from NMR in the amounts of $26,000 and $52,000, respectively, which are included in other income in the consolidated statements of operations for the years then ended.
In addition to the Company’s ownership interest in NMR, if casino gaming is approved at the Meadowlands and NMR is granted the right to conduct said gaming, the Company shall be granted the exclusive right to operate the food and beverage concessions in the gaming facility with the exception of one restaurant.
4 unchanged sentences
however, based on qualitative consideration of the contracts with AM VIE, the operating structure of AM VIE, the Company’s role with AM VIE, and that the Company is not obligated to absorb expected losses of AM VIE, the Company has concluded that it is not the primary beneficiary and not required to consolidate the operations of AM VIE.
−Removed: The Company’s maximum exposure to loss as a result of its involvement with AM VIE is limited to a receivable from AM VIE’s primary beneficiary (NMR, a related party).
−Removed: As of September 30, 2023 and October 1, 2022, $11,000 and $22,000 were due AM VIE by NMR.
On April 25, 2014, the Company loaned $1,500,000 to Meadowlands Newmark, LLC.
−Removed: The note bears interest at 3%, compounded monthly and added to the principal, and is due in its entirety on January 31, 2024.
+Added: The note bears interest at 3%, compounded monthly and added to the principal, and is due in its entirety on June 30, 2029.
The note may be prepaid, in whole or in part, at any time without penalty or premium.
−Removed: The principal and accrued interest related to this note in the amounts of $1,399,000 and $1,357,000, are included in Investment In and Receivable From New Meadowlands Racetrack in the consolidated balance sheets at September 30, 2023 and October 1, 2022, respectively.
−Removed: On April 30, 2023, the due date of the note was extended to June 30, 2029.
+Added: The principal and accrued interest related to this note in the amounts of $1,442,000 and $1,399,000, are included in Investment In and Receivable From New Meadowlands Racetrack in the consolidated balance sheets at September 28, 2024 and September 30, 2023, respectively.
Restaurant Management
16 unchanged sentences
Our restaurants compete directly or indirectly with many well-established competitors, both nationally and locally owned, some with substantially greater financial resources than we have.
−Removed: Their resources and market presence may provide advantages in marketing, purchasing and negotiating leases.
+Added: Their resources and market presence may provide advantages in
+Added: marketing, purchasing and negotiating leases.
We compete with other restaurant and retail establishments for sites and finding management personnel.
−Removed: At December 8, 2023, we employed 1,993 persons (including employees at managed facilities), 1,401 of whom were full-time employees, and 592 of whom were part-time employees;
+Added: At November 30, 2024, we employed 1,862 persons (including employees at managed facilities), 1,246 of whom were full-time employees, and 616 of whom were part-time employees;
36 of whom were headquarters personnel, 147 of whom were restaurant management personnel, 733 of whom were kitchen personnel and 678 of whom were restaurant service personnel.
2 unchanged sentences
Our employees are not covered by any collective bargaining agreements.
−Removed: We have experienced aggressive competition for talent, wage inflation and pressure to improve workplace conditions and benefits as a result of the COVID-19 pandemic and various other economic factors.
+Added: In the past, we have experienced aggressive competition for talent, wage inflation and pressure to improve workplace conditions and benefits as a result of the COVID-19 pandemic and various other economic factors.
Our compensation packages may prove insufficient to attract and retain the best personnel in light of the challenges posed by the pandemic and wage pressures resulting from the labor shortage.
−Removed: Higher employee turnover levels or our failure to recruit and retain new restaurant employees in a timely manner could impact our ability to grow sales at existing restaurants or open new restaurants and result in higher than projected labor costs.
+Added: Higher employee turnover levels or our failure to recruit and retain new restaurant employees in a timely manner could impact our ability to grow sales at existing restaurants or open new restaurants and also result in higher than projected labor costs.
+Added: Trademarks and Service Marks
+Added: We regard our trademarks and other service marks related to our restaurant businesses, as having significant value and as being important to our marketing efforts.
+Added: Our policy is to pursue registration of our important service marks and trademarks and to vigorously oppose any infringement of them.
+Added: Generally, with appropriate renewal and use, we expect that the registration of our service marks and trademarks will continue indefinitely.
Government Regulation
16 unchanged sentences
Various federal and state labor laws govern our operations and our relationship with employees, including such matters as minimum wages, breaks, overtime, fringe benefits, safety, working conditions and citizenship requirements.
−Removed: We are also subject to the regulations of the Immigration and Naturalization Service.
+Added: We are also subject to the regulations of the U.S.
+Added: Citizenship and Immigration Services.
If our employees do not meet federal citizenship or residency requirements, their deportation could lead to a disruption in our work force.
1 unchanged sentence
Our facilities must comply with the applicable requirements of the Americans With Disabilities Act of 1990 (“ADA”) and related state statutes.
−Removed: The ADA prohibits discrimination on the basis of disability with respect to public accommodations and employment.
+Added: The ADA prohibits discrimination on the basis of disability with respect to public accommodations and
Under the ADA and related state laws, when constructing new restaurants or undertaking significant remodeling of existing restaurants, we must make them more readily accessible to disabled persons.
6 unchanged sentences
however, in recent years this has been partially offset by our locations in Florida as they experience increased results in the winter months.
−Removed: We achieve our best results during the warm weather, attributable to our extensive outdoor dining availability, particularly at Bryant Park in New York and Sequoia in Washington, D.C.
+Added: We achieve our best results during the warmer weather, attributable to our extensive outdoor dining availability, particularly at Bryant Park in New York and Sequoia in Washington, D.C.
(our largest restaurants) and our outdoor cafes.
However, even during summer months these facilities can be adversely affected by unusually cool or rainy weather conditions.
−Removed: Our facilities in Las Vegas are indoor and generally operate on a more consistent basis throughout the year.
+Added: Our facilities in Las Vegas are indoor and generally operate on a more consistent basis throughout the year, although in recent years the summer months have seen lower traffic.
Available Information
8 unchanged sentences
Not applicable.
−Removed: Unresolved Staff Comments
−Removed: Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.