−Removed: There have been no material changes to the risk factors set forth in Item 1A to Part 1 of our 2024 Annual Report, except as set forth below or to the extent factual information disclosed elsewhere in this Quarterly Report relates to such risk factors, which is incorporated herein by reference.
+Added: There have been no material changes to the risk factors set forth in Item 1A of Part 1 of our 2024 Annual Report and in Item 1A of Part II of our Quarterly Report for the quarter ended March 31, 2025, except as set forth below or to the extent factual information disclosed elsewhere in this Quarterly Report relates to such risk factors, which is incorporated herein by reference.
Uncertainty in the current global macroeconomic environment created by rapid governmental policy and regulatory changes could negatively impact our business
Our business operations and financial performance are significantly influenced by governmental policies, the regulatory environment and consumers' willingness to travel to our resorts.
−Removed: Recent and rapid changes to governmental policies worldwide and rapidly evolving governmental regulations regarding international trade and other matters have introduced substantial uncertainty and volatility into the financial markets, leading to a decline in consumer sentiment.
+Added: Recent and rapid changes to governmental policies worldwide and rapidly evolving governmental regulations regarding international trade and other matters have introduced substantial uncertainty and volatility into the financial markets which can negatively impact consumer sentiment.
These changes could negatively impact our supply chain, cost structure, market access and consumers' willingness to travel to our resorts and purchase our products and services.
4 unchanged sentences
This uncertainty and its effects could have a material adverse effect on our financial condition, results of operations and cash flows.
+Added: If vendors or third-party service providers do not comply with contractual obligations our financial condition, results of operations, internal controls over financial reporting and stock price could be materially and adversely affected
+Added: We have implemented and may continue to implement workforce transformation initiatives designed to enhance operational efficiency, reduce costs, and align our organizational structure with our long-term strategic objectives.
+Added: These initiatives have included and may in the future include the consolidation, offshoring, or outsourcing of aspects of certain corporate functions, including global technology, finance and accounting, and human resources functions, to third-party service providers and shared service centers.
+Added: While these actions are intended to streamline operations and improve scalability, they may result in, and previous initiatives have resulted in, disruptions, increased transition costs, delays in service delivery and disputes with vendors.
+Added: Additionally, such initiatives may lead to the loss of institutional knowledge, reduced employee morale, or increased attrition, including among key personnel.
+Added: We rely or will rely on third-party providers to deliver critical services in these areas, and any failure by these providers to perform in accordance with contractual obligations, or any disruption in our ability to manage or transition these services effectively, could adversely affect our internal controls, compliance functions, or overall business operations.
+Added: Furthermore, these initiatives may expose us to additional risks, including data security vulnerabilities, regulatory compliance challenges across jurisdictions and reputational harm.
+Added: If we are unable to successfully execute and manage these workforce transformation initiatives, our financial condition, results of operations, internal controls over financial reporting and stock price could be materially and adversely affected.
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.