NY’s Seneca Slot Machine Revenue

The state of New York is about to get a big bonus and it is coming in the form of slot machines. The Seneca Nation of Indians is giving NY slot machine revenues that they have been holding since 2005. The tribe announced the release of the slot machine revenue, but did not give a number.

The state is expecting their share of the slot machine revenues to be somewhere over $57 million. The slot machine revenue that came in after 2004 gave the state $57.1 million. Without giving any details, the Seneca Gaming Corp said that the amount of slot machine revenue is going to be more than the year before.

The Seneca Gaming Corp has already filed their financials with the US Securities and Exchange Commission, who have put the slot machine revenue at $67.3 million during 2005. The state has been waiting for their cut since they negotiated an agreement over back slot machine revenues that were due them, but the negotiations alone took well over a year.

Every dollar that the slot machines bring into Niagara Falls and Salamanca brings into the state 18 cents. The agreement also allows the tribe to offer table games as well as slot machines. By 2010, 25 cents on each dollar earned by the slot machines will go to the state, who will divide it up among the cities.

 

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