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Published: August 12, 2008 07:15 pm
CASINO CASH: City’s annual share of slot revenue increases by $4M
By Mark Scheer
E-mail Mark
Niagara Gazette
Another $9.5 million in slot machine revenue is headed to the City of Niagara Falls and other entities entitled to a cut of the local gaming action.
The latest allocation brings the city’s total 2007 share to a little more than $18 million. Under a cash distribution agreement approved by state lawmakers, the city’s portion of the revenue will be shared with the Niagara Falls School District, Niagara Falls Memorial Medical Center, Niagara County and the Niagara Frontier Transportation Authority for the construction of the new airport terminal.
Seneca Gaming Corp. spokesperson Phil Pantano said the city’s slot machine cut for all of 2006 was a little more than $14 million.
The Seneca Nation on Tuesday announced that it delivered a total of $57.3 million in slot machine earnings to the state last month. The figure represents 22 percent of the “net” slot revenues generated by Seneca Niagara Casino and Hotel, Seneca Allegany Casino and Hotel and the temporary Seneca Buffalo Creek Casino during the second half of 2007. Net revenues include the amount collected after cash prizes are awarded, but before expenses.
“The Seneca Nation has always honored its agreements and continues to live up to the terms our compact agreement with New York state,” Seneca Nation President Maurice John Sr. said in a statement. “The revenues generated at our facilities have supported several important projects throughout Western New York and will continue to have a positive impact on the local community.”
Pantano said the increase in 2007 slot revenues had to do with better returns at the Falls casino and a change in the Nation’s gaming agreement with the state. On Jan. 1, 2007, the slot percentage delivered to New York increased from 18 percent to 22 percent. In total, the Nation has made more than $357 million in payments to the state since Seneca Niagara Casino opened on Dec. 31, 2002.
“The more money we bring in and the better we do as a company, the more money goes to the state and the more revenue comes back locally,” Pantano said.
Seneca Niagara Casino and Hotel remains the Nation’s top draw, accounting for $38.1 million of the total slot revenues delivered to the state. Seneca Allegany Casino and Hotel accounted for $16.3 million and a little more than $2.8 million came from the temporary casino in Buffalo.
“Our enterprises have created thousands of jobs for local residents, tremendous opportunities for local businesses and needed revenue for local governments,” John said.
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