Seneca Investments
The Seneca Nation of Indians has come a long way in generating revenue since it began operating a campground and bowling alley in the 1970's. Today it operates three casinos in Western New York.
Now, the nation is planning to invest $28 million over the next five years in a holding company that will invest in and buy other companies. The goal is to diversify the nation's revenue sources and potentially bring jobs to reservation lands.
The nation is modeling its investment firm after the Winnebago Tribe of Nebraska which in 1995 founded Ho-Chunk, Inc. In the last 14 years, Ho-Chunk has grown to own 18 businesses, and expanded its workforce from one to 500 employees.
It's another source of revenue for the Senecas, who face ongoing pressure from the state to impose a sales tax. The nation's most lucrative operation, Seneca Gaming Corp., saw profits fall by 16 percent in its second quarter, to $17.6 million.
What do you think of the Senecas' plans? Should the Senecas launch another business venture with the state sales tax controversy unresolved, and with a steel skeleton off of Michigan Avenue as a reminder of the ongoing Seneca Buffalo Creek casino dispute?
- Brian Hayden/ News Business Reporter
