Seneca Nation casino rakes in $50M in profits

Monday, March 15, 2004  

The Seneca Nation's off-reservation casino in Niagara Falls, New York, made a profit of nearly $50 million in its first 9 months of operation, The Buffalo News reports.

But a large portion of the money went to the state of New York under a revenue-sharing agreement. The paper said the tribe paid $38 million to the state.

The tribe is also paying off a high interest loan. The Bureau of Indian Affairs allowed the 26 percent interest rate even though some officials, including ousted deputy Wayne Smith, questioned it.

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Casino's 9-month profit: $50 million (The Buffalo News 3/14)