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Niagara Falls Bets on More Gaming Amid Casino Spat: Muni Credit

Niagara Falls Bets on More Gaming Amid Casino Spat: Muni Credit

Niagara Falls, New York, lost its budget reserves and best bond rating since the 1970s amid a dispute over casino revenue between the state and the Seneca Nation of Indians. Now the city is betting even more gambling will bolster its credit.

With the two sides locked in arbitration, Governor Andrew Cuomo wants a rival casino for Niagara
Falls. New York’s biggest Indian tribe stopped paying the state 22 percent of its slot-machine revenue Gov-Cuomoin 2009 after nontribal lottery terminals were allowed inside its 10,500-square-mile exclusivity zone. With the two sides locked in arbitration, Governor Andrew Cuomo wants a rival casino for Niagara Falls. The move is supported by the city’s mayor, Paul Dyster, who said the revenue loss triggered a “full-blown cash-flow crunch.”

“Our primary concern is to get paid the money that we’re owed under the existing arrangement,” Dyster, a 58-year-old Democrat, said in a telephone interview. Still, the new casino pushed by Cuomo “provides a potential way forward and suggests what the course of action would be if the Senecas continue to refuse to pay.” “Our primary concern is to get paid the money that we’re owed under the existing arrangement,” Dyster, a 58-year-old Democrat, said in a telephone interview. Still, the new casino pushed by Cuomo “provides a potential way forward and suggests what the course of action would be if the Senecas continue to refuse to pay.”

via Niagara Falls Bets on More Gaming Amid Casino Spat: Muni Credit – Bloomberg.

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Posted by on February 26, 2013. Filed under All News,Indian Gaming. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.