Published: May 15, 2008 09:27 pm            

SENECA GAMING: Casinos see big net gain

The region’s economic woes have yet to catch up with Seneca Gaming Corp.

The company that oversees operations at Western New York’s three tribally owned casinos released financial figures on Thursday that show consolidated net revenues from the second quarter of the company’s current fiscal year increased $15.1 million, or 11 percent, from the same time period a year ago.

Gaming Corp. officials said the increase was due, in large part, to higher net gaming revenues at Seneca Niagara Casino and Hotel, Seneca Allegancy Casino Hotel and Seneca Buffalo Creek Casino. The three facilities combined realized a growth in net gaming revenues of $12.1 million, or 9 percent, between March 31, 2007, and the same date this year.

“In these trying economic times, with gas prices and other costs rising drastically and impacting discretionary income, Seneca Gaming Corp. delivered revenues that were higher than a year ago,” said Barry Snyder, chairman of the Gaming Corp.’s Board of Directors. “My hat is off to your management team for the work they have done. We have shown improvement on a year-over-year basis and from the first to the second quarter of this fiscal year.”

Total consolidated net revenues were $151 million as of March 31, 2008, the end of the second quarter of the company’s current fiscal year. During the same quarter last year, the company posted $135.9 million in consolidated net revenues.

According to the Gaming Corp., consolidated earnings, before interest taxes, depreciation and amortization, were $42.7 million for the second quarter of 2008, up $1.4 million, or 3 percent, from the same time period a year ago.

“These financial results show that our operations continue to be strong, especially in light of the trying economic times that everybody’s facing,” said Gaming Corp. spokesman Phil Pantano.

During the three-month period ending March 31, the Gaming Corp. spent $33.9 million on capital projects, primarily at its casino operations in Buffalo and Allegany. Those expenses also included $1.2 million for the Seneca Hickory Stick Golf Course in Lewiston.

“We are committed to providing world-class experiences for our patrons,” said Brian Hansberry, president and CEO. “This end, we are excited to see the $333 million permanent Seneca Buffalo Creek Casino project taking shape in downtown Buffalo and plan to continue moving forward with our plans for a second hotel tower at Seneca Allegancy Casino and Hotel.”

The Gaming Corp. has been hard at work in recent weeks tearing down properties near its existing casino and hotel in Niagara Falls. Pantano said company officials are working with leaders from the Seneca Nation on a master plan for development in downtown Niagara Falls. The details of the Niagara Falls plan will not be released until after they are formally approved by the Seneca Nation Tribal Council and the Gaming Corp. Board of Directors.

“We certainly feel strongly about our future in Niagara Falls and we look forward to getting to the conclusion of that planning process,” Pantano said.

        

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