Operations in the highly competitive gaming equipment market, resulting in the potential for price discounting and EBITDA pressure; Small scale in the gaming equipment space relative to market leaders who have greater resources for research and development for product and content introductions, a key competitive advantage; and Vulnerability to adverse economic, regulatory, or weather events in Oklahoma and Alabama given revenue concentration there. High forecasted adjusted leverage in the mid-6x area in 2016 and the low-6x area in 2017; Low forecasted adjusted funds from operations (FFO) to debt in the mid- to high-single-digit percent area through 2017; Low forecasted EBITDA coverage of total interest expense, in the mid- to high-1x area through 2017. The stable outlook on AP Gaming Holdings
