SNI pays $68M in casino revenues to state
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SALAMANCA - The Seneca Nation of Indians gave New York Stateofficials a revenue sharing check in the amount of $68 million,Friday - with over $5 million to be received locally.
At a ceremony held at the Seneca Allegany Casino,representatives of New York State and Cattaraugus Counties acceptedthe check from Seneca Nation president Barry E. Snyder, Sr.
The State of New York will send back 25 percent of the revenueto each city that hosts a casino listed in the compact. This year'spay out for the city of Niagara Falls is $11,301,876 and$5,792,368, Salamanca/Cattaraugus County/Salamanca School districtare and respectively, according to information provided by theSeneca Nation of Indians.
"Today's payment represents the Seneca Nation's commitment tohonoring the Gaming Compact between the Nation and the State of NewYork," Snyder said. "The figures clearly show that our Class IIIcasino operations have had a clear and unmistakable positive impacton the local economy."
The gaming compact signed in Aug. 2002, between the SenecaNation and the State, stipulates that the SNI will pay the state 18percent of the "net drop" of the slot machines for the first fouryears. The percentage paid out will increase to 25 percent over theremainder of the 21-year compact.
Net drop is the money dropped into the slot machine afterpayout, but before expenses, according to information submitted toThe Press.
The 2005 payment is the second to combine the Seneca Niagara andSeneca Allegany casino operations.
The State received just over $57.1 million for 2004 and $38million in 2003.
Seneca Nation Treasurer Maurice John said he sees the revenuesharing as a sign of growth for the Nation.
"In a very few years, we will be able to pay off the bonding forthe facilities," John said. "By delivering to New York Stare morethan $160 million in three years, we have demonstrated beyond anyquestion our ability to live up to the terms of the 2002compact."
The benefits for the Nation will continue to grow as the casinoscontinue to prosper, according to John.
"[T]he Seneca people will see the benefits of better health carefor our elders, more housing for our families, more investment ineducation and recreation for our youth, and a stronger, morevibrant Seneca Nation for all of us and for generations to come,"he said.
