Seneca Nation Sends New York State $31.6 Million Quarterly Exclusivity Payment $1.1 Billion in Casino Revenue Share Funds Paid to State since 2002
CATTARAUGUS and ALLEGANY TERRITORY, SENECA NATION, N.Y., April 2, 2014 /PRNewswire/ -- Today, the Seneca Nation transferred to New York State officials, a quarterly exclusivity payment of $31.6 million as part of the State's revenue share payment agreement, bringing the total paid to the state since 2002 to more than $1.1 billion. Upon receipt of the funds, the State of New York is responsible for paying each of the host communities its share of the exclusivity revenue.
"There should be no doubt in any one's mind that the Seneca Nation abides by its agreements," said Seneca Nation President Barry E. Snyder, Sr. "By delivering to New York State more than one billion dollars in gaming revenue, we have demonstrated beyond any question our desire to collaborate with our neighboring communities to develop and grow strong economic futures for the Seneca people and the residents of the region."
When the Seneca Nation of Indians negotiated and signed its compact with New York State in 2002, it viewed the gaming industry as an opportunity to build a strong future for its people, strengthen relationships with the host communities and to develop a successful economic engine for the Western New York economy. That vision has proved to be a beneficial reality and supports Governor Andrew Cuomo's desire to expand gaming throughout the state as a critical economic development initiative.
"The figures clearly show that our Class III Las Vegas style casino operations have had a clear and unmistakable positive impact on the local economy," said President Snyder.
Today's payment to New York State covers the quarter from October through December 2013 for combined slot revenue from all three of the Seneca's casino properties. The "host community" receives 25 percent of the State's share and is broken out as follows:
- Since opening in 2002, the Seneca Niagara Casino & Hotel to date has generated $738.5 million in state exclusivity revenue of which $184.6 million has been paid to Niagara Falls and related entities including more than $18.2 million as part of today's quarterly payment.
- Since opening 2004, Seneca Allegany Casino & Hotel has generated to date $282.3 million in state exclusivity revenue of which $70.6 million has been paid to the City of Salamanca and Cattaraugus County including more than $7.2 million as part of today's quarterly payment.
- Since opening 2007, Seneca Buffalo Creek Casino has generated to date $87.1 million in state exclusivity revenue of which $21.8 million has been paid to the City of Buffalo including more than $5.7 million as part of today's quarterly payment.
"We have built a dynamic and growing gaming and hospitality corporation that employs more than 4,000 people in Niagara Falls, Salamanca and Buffalo and attracts tens of millions of visitors to western New York every year," said President Snyder. "We are proud of what we have always known: that the Seneca Nation is a strong and important part of the fabric of this land that we have always called home."
Contact: Susan Asquith, 716.464.4703
SOURCE Seneca Nation