4 unchanged sentences
General economic trends
−Removed: Our business is sensitive to consumer confidence and reductions in consumers' discretionary spending, which may result from challenging economic conditions, unemployment levels and other changes in the economy, including the impact of the COVID-19 global pandemic.
−Removed: The pandemic has resulted in and is expected to continue to result in significant disruptions in economic activity and financial markets.
+Added: Our business is sensitive to consumer confidence and reductions in consumers' discretionary spending, which may result from challenging economic conditions, inflation, unemployment levels and other changes in the economy.
Demand for entertainment and leisure activities is sensitive to consumers’ disposable incomes, which can be adversely affected by economic conditions and unemployment levels.
−Removed: This could result in fewer patrons visiting our racetracks, gaming and wagering facilities, and our online wagering sites and / or may impact our customers’ ability to wager with the same frequency and to maintain wagering levels.
+Added: This could result in fewer patrons visiting our racetracks, gaming and wagering facilities, and online wagering sites and/or may impact our customers’ ability to wager with the same frequency and to maintain wagering levels.
+Added: FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022
Interest rate and credit risk
Our primary exposure to market risk relates to changes in interest rates.
−Removed: At September 30, 2021, we had $683.5 million outstanding under our Credit Agreement, which bears interest at variable rates.
+Added: On March 31, 2022, we had $680.0 million outstanding under our Credit Agreement related to Term Loans B/B-1, which bear interest at LIBOR based variable rates.
We are exposed to market risk on variable rate debt due to potential adverse changes in these rates.
−Removed: Assuming the outstanding balance of the debt facility remains constant, a one-percentage point increase in our variable rate would reduce net income and cash flows from operating activities by $4.9 million.
+Added: Assuming the outstanding balance of the debt facility remains constant, a one-percentage point increase in the LIBOR rate would reduce net income and cash flows from operating activities by $4.9 million.
+Added: LIBOR is anticipated to be phased out by the end of 2023.
+Added: The Credit Agreement Amendment establishes SOFR as an alternative rate (other than for the Term Loans B/B1, for which a general process for establishing an alternative reference rate is provided).
+Added: The impact of the use of alternative reference rates is not expected to have a material impact on our exposure to interest rate risk at this time.
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.