Each applicant bears all risks of adverse public notice, embarrassment, criticism, damages or financial loss which may result from any disclosure or publication of any material or information obtained by the Lottery Commission pursuant to action on an application. The applicant shall, as a part of its application, expressly waive any and all claims against the Lottery Commission, the State of West Virginia and the employees of either for damages as a result of any background investigation, disclosure or publication relating to an application for a video lottery license or permit.