Seneca Gaming Struggles In Tough First Quarter

Seneca Gaming Corp, the operator of three casinos in western New York state, was doubly battered by bad weather and the economic slump in January. The tribe recorded an $11.4m drop in first quarter net revenues despite extensive cost cutting and layoffs.According to a filing with the federal Securities and Exchange Commission, net revenues fell by 7.6 percent over a 12-month period, bringing in $138.7m. For the same three-month period in 2008, revenues stood at $150.2m.

Daily slot winnings dropped from $221 to $208 but average room rates also fell. Net slot machine revenues, which comprise the largest segment of gaming revenues, were off by 6.7 percent, down to $111m from $119m the year previously.

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