Buffalo Wild Wings 2009 Annual Report Download - page 115

Download and view the complete annual report

Please find page 115 of the 2009 Buffalo Wild Wings annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 119

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119

EXHIBIT 99.1
Nevada Gaming Regulation
The ownership and operation of our facilities with gaming in Nevada are subject to the Nevada Gaming Control Act and the
regulations promulgated thereunder (collectively, the “Nevada Act”) and various local regulations. Our gaming operations are subject
to the licensing and regulatory control of the Nevada Gaming Commission (the “Nevada Commission”), the Nevada State Gaming
Control Board (the “Nevada Board”) and various county and city licensing agencies (the “local authorities”). The Nevada
Commission, the Nevada Board, and the local authorities are collectively referred to as the “Nevada Gaming Authorities.”
The laws, regulations, and supervisory procedures of the Nevada Gaming Authorities are based upon declarations of public
policy that are concerned with, among other things:
• the prevention of unsavory or unsuitable persons from having a direct or indirect involvement with gaming at any time or in
any capacity;
• the establishment and maintenance of responsible accounting practices;
• the maintenance of effective controls over the financial practices of licensees, including the establishment of minimum
procedures for internal fiscal affairs and the safeguarding of assets and revenues;
• providing reliable record keeping and requiring the filing of periodic reports with the Nevada Gaming Authorities;
• the prevention of cheating and fraudulent practices; and
• providing a source of state and local revenues through taxation and licensing fees.
Any change in such laws, regulations, and procedures could have an adverse effect on our gaming operations.
Our subsidiary company that owns and operates restaurants with gaming in Nevada is required to be licensed by the Nevada
Gaming Authorities. We have also been licensed or found suitable as shareholder, as relevant, of the subsidiary gaming licensee.
Our licensed subsidiary may enter into an agreement with a slot route operator to conduct the gaming activities at the Nevada
restaurants the licensed subsidiary owns and operates. The slot route operator engaged by the licensed subsidiary must be licensed by
the Nevada Gaming Authorities.
We are required to be registered by the Nevada Commission as a publicly-traded corporation, and as such, we are required to
periodically submit detailed financial and operating reports to the Nevada Commission and furnish any other information that the
Nevada Commission may require. No person may become a stockholder or member of, or receive any percentage of profits from the
licensed subsidiary without first obtaining licenses and approvals from the Nevada Gaming Authorities. Additionally, local authorities
have taken the position that they have the authority to approve all persons owning or controlling the stock of any corporation
controlling a gaming licensee. Buffalo Wild Wings and our subsidiary that owns and operates gaming restaurants in Nevada have
obtained from the Nevada Gaming Authorities the various registrations, approvals, permits and licenses required in order to engage in
gaming activities in Nevada.
1
Source: BUFFALO WILD WINGS INC, 10-K, February 26, 2010 Powered by Morningstar® Document Research℠