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Seneca Gaming earnings fall $16 million

NIAGARA FALLS, New York —- As reported by the Niagara Gazette: "The Seneca Gaming Corp.'s profits took a hit during the company's most recent fiscal year.

"In an annual report filed Monday with the federal Securities and Exchange Commission, the corporation announced a decline in net income of more than $16 million for the fiscal year ending Sept. 30. The report showed net income dropping to $102.6 million from $119.2 million a year ago.

"During the first two months of the company's 2009 fiscal year, the Corporation said it experienced a '4.7 percent decrease in slot handle and a 15.0 percent decrease in table games drop, which contributed to a decrease in net revenue of 5.2 percent when compared to the same two-month period from a year ago.'

"The filing points to the current recession and addresses the company's recent decision to layoff more than 200 employees. The filing indicates that the corporation cut staff despite 'implementing cost-saving measures during the previous 12-month period in an attempt to reduce expenses and increase profitability...'"

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