Seneca Gaming Corporation Posts Good Profits for 3rd Quarter
On August 14th, 2008, despite a problematic local and national economy and legal problems affecting one of its casinos, the Seneca Gaming Corporation reported a good 3rd quarter earnings for its three properties in Western New York. Still, the officials of the Seneca Gaming Corporation commented that the unstable economy may have delayed some of their long-term expansion gaming plans.
In its 3rd quarter earnings, Seneca Gaming, the casino operations division of the Seneca Tribe-commented that their consolidated net revenues of the quarters improved by $16.5 million or eleven percent. In hard numbers, net revenues improved from $149.2 million in 2007 to $165.7 million this year. Seneca officials attributed the improvement to net gaming revenues that improved by ten percent to $13.4 million.
Barry Snyder, the Seneca Gaming chairman said that given with impacts that other gambling operators have felt, they are very happy to report that the Seneca Gaming Corporation has produced a double digit improvement to their net revenues for the 2nd consecutive quarter. He added that as they move forward, they will continue to keep an eye on the prevailing economic conditions that are affecting the whole country and manage their three casino properties in an acceptable manner while maintaining the level of their service to their customers.
For Seneca Gaming Corporation's nine month consolidated revenues, the corporation saw a ten percent increase, improving from $425.3 million in its 2006-2007 fiscal year to $466.9 million in its 2007-2008 fiscal year-an increase of $41.6 million. The 9 month period ended on June 30th. Net gaming revenue during that period improve to 8 percent, going from $399 million to $430.5 million.
Seneca Gaming manages the Seneca Niagara Casino and Hotel in Niagara Falls, the Seneca Allegany Casino and Hotel in Salamanca and the Seneca Buffalo Creek Casino in Buffalo. The temporary Seneca Buffalo Creek Casino opened on July 2007. The Seneca Gaming is in the process of constructing their permanent $333 million Seneca Buffalo Creek Casino and Hotel in Buffalo. But the whole project is currently under legal question because of U.S. Judge William Skretny's decision that gaming on the site is not legally allowed. Skretny's decision is currently being appealed by the tribe.
08/31/2008 05:52 PM
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