Casino yields $50 million profit in nine months

Tuesday, March 16, 2004 | 11:03 a.m.

NIAGARA FALLS, N.Y. -- The Seneca Niagara Casino reaped close to $50 million in profit on $184 million in gaming win during its first nine months of operation, according to confidential financial documents obtained by The Buffalo News.

The tribe has reinvested most of its profit in the Niagara Falls facility and a new casino being built in Salamanca, but may consider a cash payment to its members this summer, said Seneca Nation President Rickey Armstrong.

"We're disappointed that our proprietary information has been publicly distributed, but we're happy that we have an enormously successful casino, and we're looking forward to a lot of long-term benefits," Armstrong told the newspaper in Sunday's editions.

Armstrong said the figures show that the casino is exceeding the tribe's expectations.

The $50 million profit was what was left over for the fiscal year ending Sept. 30 after the casino paid $14.6 million in interest costs on its loans and budgeted for tens of millions of dollars in payments due to the state, including $2.6 million for police services.

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