Saturday, July 26, 2014

Media Man Games Blog: Seneca Nation president: Casino compact talks progressing


Media Man Games Blog

Seneca Nation president: Casino compact talks progressing





So what's the latest on negotiations over a new gaming compact between the state of New York and the Seneca Nation of Indians?


During a recent interview with the Niagara Gazette, Seneca Nation President Rickey Armstrong Sr. said, from his point of view, talks are progressing.


Armstrong said representatives from the Nation continue to meet regularly with state officials and he remains hopeful that a tentative deal will be in place for review by the federal government by the summer of 2023.


"We've made every effort to make progress," Armstrong said.


"We want to continue to work toward a new gaming compact that reflects the gaming landscape in Buffalo, Niagara Falls," he added.


The current gaming compact, which provides the Seneca Nation with exclusive rights to operate Class III casinos in Western New York, including Niagara Falls, Buffalo and Salamanca, is set to expire in December 2023.


Seneca officials have argued in the past that since the signing of the original compact, other gaming outlets, including so-called "racinos" in Hamburg and Batavia, cut into their exclusivity by offering video lottery terminals similar to slot machines.


Armstrong said the Nation has been working on its end of the proposed agreement for about two years and that he's confident the Nation has "covered all of our bases."


He maintains that the Seneca Gaming Corp.'s three local casinos have provided economic benefit to host communities like the Falls and Buffalo, in the form of jobs and spinoff from investments made by the companies with local vendors.


In addition, the compact has allowed the state of New York to collect a percentage of slot machine revenues from Seneca casinos, with 25% of those dollars being distributed to the Falls, Buffalo and Salamanca.


"I'm hopeful that the state recognizes the impact we've had on Western New York," Armstrong said.


In a statement in response to a request for comment, a spokesperson for Gov. Kathy Hochul's office said the executive chamber and the state gaming commission have been having "substantive negotiations" with the Seneca Nation for months.


"We are fully committed to continuing to meet, discuss, and negotiate a compact, and we are confident that the process will continue in a way that best serves New Yorkers," the spokesperson said.

Saturday, December 14, 2013

Australia's Crown Faces Slot Machine Levy - December 2013



SYDNEY--Shares in Australian casino company Crown Ltd. (CWN.AU) came under pressure Friday after lawmakers proposed a new tax on slot machines at its flagship Crown casino in Melbourne.

Victoria state proposed an annual levy of A$22,175 (US$19,800) per slot machine to raise A$56.8 million a year, as it attempts to fund infrastructure developments such as roads and schools while holding onto its AAA credit rating.

Crown shares fell as much as 6% in Sydney before closing down 4.3% at A$15.90 in a overall strong market.

"In these challenging economic times the coalition government must maintain a disciplined budget to ensure we can continue to invest in the critical infrastructure and services that Victorian families and businesses deserve," the state's Treasurer, Michael O'Brien said in a statement.

Any changes to tax arrangements between Crown and the Victorian government need to be agreed by both parties.

Crown, which is controlled by billionaire James Packer, confirmed that it was in discussions with lawmakers and expects talks to conclude early next year.

Describing the discussions as "positive", Mr. Packer said he hoped they would create an outcome that allowed the casino to continue competing effectively with international and interstate rivals.

"Both Crown and the Victorian government would like to see the Crown Melbourne resort continue to grow and to attract more overseas and interstate tourists," Mr. Packer said.

Still, the decision comes at a tough time for Australia's gambling sector, which is being hurt by fragile consumer confidence as the country's long mining boom fades.

Crown's underlying profit for the year through June, which removes one-off items like asset sales, swelled by 14% to A$473.2 million. The result, however, was boosted by a large jump in earnings from the company's joint venture in Macau with Lawrence Ho.

Crown Melbourne remains the biggest contributor to the company's profits and suffered a 12% decrease in operating earnings last financial year.

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