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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