Starwood 2007 Annual Report Download - page 73

Regulations of the Nevada Commission also prohibit certain repurchases of securities by registered publicly
traded corporations without the prior approval of the Nevada Commission. Transactions covered by these
regulations are generally aimed at discouraging repurchases of securities at a premium over market price from
certain holders of more than 3 percent of the outstanding securities of the registered publicly traded corporation.
The regulations of the Nevada Commission also require approval for a “plan of recapitalization.” Generally a plan of
recapitalization is a plan proposed by the management of a registered publicly traded corporation that contains
recommended action in response to a proposed corporate acquisition opposed by management of the corporation if
such acquisition would require the prior approval of the Nevada Commission.
Any person who is licensed, required to be licensed, registered, required to be registered, or is under common
control with such persons (collectively “Licensees”), and who proposes to become involved in a gaming operation
outside the State of Nevada is required to deposit with the Nevada Board, and thereafter maintain, a revolving fund
in the amount of $10,000 to pay the expenses of investigation by the Nevada Board of the Licensees’ participation in
such foreign gaming. The revolving fund is subject to an increase or decrease in the discretion of the Nevada
Commission. Once such revolving fund is established, the Licensees may engage in gaming activities outside the
State of Nevada without seeking the approval of the Nevada Commission provided (i) such activities are lawful in
the jurisdiction where they are to be conducted; and (ii) the Licensees comply with certain reporting requirements
imposed by the Nevada Act. Licensees are subject to disciplinary action by the Nevada Commission if they
(i) knowingly violate any laws of the foreign jurisdiction pertaining to the foreign gaming operation; (ii) fail to
conduct the foreign gaming operation in accordance with the standards of honesty and integrity required of Nevada
gaming operations; (iii) engage in activities that are harmful to the State of Nevada or its ability to collect gaming
taxes and fees; or, (iv) employ a person in the foreign operation who has been denied a license or finding of
suitability in Nevada on the ground of personal unsuitability. We manage gaming operations at the Sheraton Cairo
Hotel, Towers & Casino in Gaza, Egypt.
Employees
At December 31, 2007, approximately 155,000 people were employed at our corporate offices, owned and
managed hotels and vacation ownership resorts, of whom approximately 37% were employed in the United States.
At December 31, 2007, approximately 33% of the U.S.-based employees were covered by various collective
bargaining agreements providing, generally, for basic pay rates, working hours, other conditions of employment
and orderly settlement of labor disputes. Generally, labor relations have been maintained in a normal and
satisfactory manner, and management believes that our employee relations are satisfactory.
Where you can find more information
We file annual, quarterly and special reports, proxy statements and other information with the Securities &
Exchange Commission (“SEC”). Our SEC filings are available to the public over the Internet at the SEC’s web site
at http://www.sec.gov. Our SEC filings are also available on our website at http://www.starwoodhotels.com/
corporate/investor relations.html as soon as reasonably practicable after they are filed with or furnished to the SEC.
You may also read and copy any document we file with the SEC at its public reference rooms in Washington, D.C.
Please call the SEC at (800) SEC-0330 for further information on the public reference rooms. Our filings with the
SEC are also available at the New York Stock Exchange. For more information on obtaining copies of our public
filings at the New York Stock Exchange, you should call [phone]. You may also obtain a copy of our filings
free of charge by calling Investor Relations at [phone].
Item 1A. Risk Factors.
Risks Relating to Hotel, Resort, Vacation Ownership and Residential Operations
We Are Subject to All the Operating Risks Common to the Hotel and Vacation Ownership and Residential
Industries. Operating risks common to the hotel and vacation ownership and residential industries include:
• changes in general economic conditions, including the severity and duration of any downturn in the US or
global economy;
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