Niagara Gazette

Local News

September 13, 2013

Fitch Ratings says Niagara Falls finances are stable, removes 'negative watch'

(Continued)

Niagara Gazette — In its ratings release, Fitch notes that the existing gaming compact between the state and the Senecas expires in 2016, with a provision for renewal through 2023. Fitch expresses some concern about the “volatile” nature of the casino revenue stream moving forward.

Dyster said he believes those concerns will ultimately prove unfounded as it appears both the state and the Senecas are on the same page when it comes to revenue distribution for at least the next decade. He said discussions he’s had with Gov. Andrew Cuomo’s office and representatives from the Seneca Nation of Indians suggest that as long as both sides are in compliance with the terms of the compact when 2016 arrives they will likely agree to continue operating under the terms of the existing compact through 2023.

Fitch said it will continue to monitor the performance of the city’s ongoing operations and efforts to develop the local economy in the months and years ahead.

Dyster acknowledged the long-awaited casino revenue payment is not a cure for all that ails the city’s finances, but said it does allow the city to regain its financial footing for now.

“We have a ways to go yet,” Dyster said. “The challenge for us is to show that we are continuing to use our casino revenues wisely and I think we have done that in the past.”

Big red number 2016 Year casino compact runs out. Fitch Ratings upped city's outlook due to casino cash payment.

Text Only | Photo Reprints
Local News
Featured Ads
Seasonal Content
House Ads
AP Video
Couple Channel Grief Into Soldiers' Retreat WWI Aviation Still Alive at Aerodrome in NY Raw: Rescuers at Taiwan Explosion Scene Raw: Woman Who Faced Death Over Faith in N.H. Clinton Before 9-11: Could Have Killed Bin Laden Netanyahu Vows to Destroy Hamas Tunnels Obama Slams Republicans Over Lawsuit House Leaders Trade Blame for Inaction Malaysian PM: Stop Fighting in Ukraine Cantor Warns of Instability, Terror in Farewell Ravens' Ray Rice: 'I Made a Huge Mistake' Florida Panther Rebound Upsets Ranchers Small Plane Crash in San Diego Parking Lot Busy Franco's Not Afraid of Overexposure Fighting Blocks Access to Ukraine Crash Site Dangerous Bacteria Kills One in Florida Workers Dig for Survivors After India Landslide Texas Scientists Study Ebola Virus Smartphone Powered Paper Plane Debuts at Airshow Southern Accent Reduction Class Cancelled in TN
Opinion
House Ads
Night & Day
Twitter News
Follow us on twitter
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Front page
Poll

Do you think cigarette sales to non-Native American customers should be taxed on reservations?

Yes. Items should be taxed like they are everywhere else.
No, the indian reservations are sovereign land and they are selling them on their land.
Not up to me. Native Americans decide the rules on their land.
Don't care. Smoking isn't good for you.
     View Results