Significant Decline in Net Income
According to the Niagara Gazette, the Seneca Gaming Corporation has experienced a difficult year, marked by substantial financial losses. For the fiscal year ending, the company's net income fell by over $16 million. Last year's income was $119.2 million, but this year it has decreased to $102.6 million.
Declines in Slot and Table Game Revenues
The Corporation reported a decline in revenue during the first two months of the 2009 fiscal year. Slot handle dropped by 4.7%, and table games experienced a more significant decline of 15%. This resulted in an overall net revenue decrease of 5.2% compared to the same period last year.
Impact of Economic Conditions
The ongoing economic crisis has had a considerable impact on the company, leading to significant cost-cutting measures. Seneca Gaming Corporation has been forced to lay off over 200 employees as part of its strategy to reduce expenses and improve profitability.
Future Outlook and Cost-Saving Measures
In response to these financial challenges, the company is implementing cost-saving measures to address its economic difficulties. These steps are crucial for reducing operational costs and enhancing overall profitability.
