New York makes way for Gambling Expansion PlanPublished May 20, 2002 by OCR Editor
Due to lost revenue after September 11, the state's gambling expansion plan may be just the ticket to boost up the state's economy.
In a gambling expansion plan approved by the State of New York last year, a few more Indian casinos in the Catskills will join in on this new expansion development.
Last week, a new deal approved by the state gave the Seneca Indian Nation a green light to start building casinos in Buffalo and Niagara Falls. Due to lost revenue after September 11, the state's gambling expansion plan may be just the ticket to boost up the state's economy.
Mike Memmo, a supporter of the plan says, I think it will create jobs not only for us but for non-Indians. It will boost money and trade in the area for everyone."
Cyrus Schindler, the Seneca President, says that the project will generate a $2billion to $3billion profit for the tribe, the state will enjoy an 18% to 25% profit from slot machines, and local metropolis will expect a 6.25% profit from the state's share.
With the new expansion project at hand, six new casinos, video-betting terminals and along with joining the multi-state Power ball lottery, the state hopes to collect $1 billion dollars annually within three years.