Despite positive recent trends in operating performance related to completed center conversions, repositioning risks remain for centers undergoing conversion in future periods Secular challenges facing the bowling market, related to declining league participation, which increases emphasis on more volatile impulse-driven open bowling, and food and beverage spending and exposes Bowlmor AMF Corp. to increased competition from other forms of entertainment Some geographic diversity and an experienced management team with previous success in turning around underperforming bowling assets Recent acquisition expanded Bowlmor's footprint in existing key markets including California, Arizona, Georgia, Colorado, and New Jersey Financial sponsor ownership by Cerberus Capital Management L.P. Lease-adjusted debt to EBITDA in the low-5x area in fiscal year 2016 and around 5x in fiscal year
