Hi, eversuhoshin!

Section items are all capitalized, i.e., "ITEM," but your regex is matching both "ITEM" and "item." The following works to capture only the ITEM I: BUSINESS text from the data you provided:

use strict;
use warnings;
use File::Slurp qw/read_file/;

my $text = read_file 'a5927574.txt';

my ($businessItemText) =
  $text =~ /(ITEM [\dA-Z]+?[: -]+BUSINESS.+?)ITEM [\dA-Z]+?[: -]+/s;

print $businessItemText;
[download]

Output:

ITEM I: BUSINESS
----------------

Littlefield  Corporation develops, owns and operates charitable bingo 
+halls, and
owns and operates an event rental company.  In our  Entertainment  div
+ision,  we
operate 37 charitable bingo halls in Texas, Alabama, Florida and South
+ Carolina.
...
are with Littlefield  Hospitality and twelve (12) are at corporate  he
+adquarters
in Austin, Texas.  Littlefield  Entertainment consists of sixteen (16)
+ full time
employees  and  nineteen  (19)  part  time  employees.  Littlefield  H
+ospitality
consists of thirty-two (32) full time employees and one part time empl
+oyee.
[download]

Hope this helps!