Lease Agreements and Terminations - The company owns a 19.2% interest in the partnership that owns El Rio Grande and will terminate the lease and close the property permanently on or around January 1, 2025[31] - The company owns a 64.4% interest in the partnership that owns the Tampa and Hollywood Food Courts and agreed to terminate its lease for the food court at The Hard Rock Hotel and Casino in Tampa, FL on November 26, 2024[33] - The company extended its lease for Gallagher's Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV through December 31, 2032, spending approximately $1,900,000 on refresh[36] - The company extended its lease for America at the New York-New York Hotel and Casino in Las Vegas, NV through December 31, 2033, agreeing to spend a minimum of $4,000,000 on refresh, with $100,000 spent to date[37] - 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, agreeing to spend a minimum of $3,500,000 on refresh, with $950,000 spent to date[38] - The company recorded a loss of $876,000 in connection with the termination of the El Rio Grande lease, including $398,000 in rent and other costs, $94,000 in severance, $269,000 in impairment charges, and $238,000 in security deposit write-off[42] Investments and Distributions - The company made a total investment of $5,108,000 in New Meadowlands Racetrack LLC, with an effective ownership interest of 7.4%[43] - The company received distributions of $26,000 and $52,000 from New Meadowlands Racetrack LLC for the years ended September 28, 2024, and September 30, 2023, respectively[45] Employment and Seasonality - The company employed 1,862 persons as of November 30, 2024, including 1,246 full-time and 616 part-time employees[55] - The company’s business is highly seasonal, with the second quarter (January, February, and March) being the poorest performing quarter, while the warmer weather months yield the best results[64] Company Information and SEC Reports - Company's annual, quarterly, and current reports are available on its website www.arkrestaurants.com[65] - SEC reports can be accessed through the investor relations section of the company's website[65] - Information on the company's website is not part of any SEC filings[65] - SEC reports are also available at the SEC's Office of Investor Education and Advocacy[66] - SEC maintains an Internet website www.sec.gov for viewing company information[66] - Company's principal executive offices are located at 85 Fifth Avenue, New York, New York 10003[67] - Company's telephone number is (212) 206-8800[67] Market Risk Disclosures - Quantitative and Qualitative Disclosures About Market Risk are not applicable[180]
Ark Restaurants(ARKR) - 2024 Q4 - Annual Report