May 2012 Business Committee Notes

The Business Committee of the Seneca-Cayuga Tribe of Oklahoma met on May 1, 2012. This was the last regular monthly meeting of the Committee before the Annual Election and General Council to be held on June 2nd. The meeting began with prayer, roll call and the declaration of a quorum. All members of the committee were present. The first order of business was the introduction of Paul Myers, the manager of the tribe’s convenience store in New York. He simply wanted to introduce himself and present himself for questions. His financial speaks for itself. This month the store reported a profit of over $218,000. The store is one of the most stable of our tribal businesses, earning close to $250,000, monthly. The furniture business presented its first financial showing a profit of $10,827.93. The business reported a signed contract with the new Bordertown Casino. The contract as presented at the April meeting was in excess of $400,000. A tribal member in attendance pointed out that the start-up money for the business did not appear in the financial. The furniture company is expecting to finalize a bid on the new health clinic. The report on the Tobacco Factory was a hazy as ever. While many commitments requiring increased output, and high profit our in the wind, the bottom line is the company reported a yearly profit of only $150,000, including a monthly loss of $42,000 from the previous month. I examined the complete monthly financial. It shows a solid company on the manufacturing side, the weakness seems to be on the marketing side. The smoke shop did not produce a profit-loss for last month. Stoney Sisco announced a new advertising campaign appearing on local media. He also reported that the plans for the new smoke shop in Miami are in the hands of the BC for approval. The Casino and Lodge remain a point of controversy. The Lodge is still showing a loss, a little over $5,000 for the last month. According the management this should be offset by depreciation. I guess that depends on how you look at it. The casino deposited over $721,000. to the tribe last month. The Living Social promotion has provided additional income for both the Lodge and the Casino, but it makes tracking profits and loss for both the lodge and the casino difficult. Management remains cautious as opening day for the new Bordertown Resort draws near and fear that at least initially our properties may suffer some losses. It was noted that our casino clients are extremely loyal. Chief Howard scolded that if our tribe would spend less time in chaos and more time planning for our future we would not be in a position to have to accept losses. The big news at this meeting was the purchase of Royal Bay. Details of the purchase were not presented. Discussion was mostly on name change and cosmetic improvement. The name has been changed to Grand Lakeside. The boats will be known as the Grand Belle and the Grand Princess. A new theme, menus, and hours of operation were also discussed. A financial was also presented. It showed a loss of $3,705. The land purchase payment does not show as a loss as money was transferred in. In other business a letter was presented showing that as of April 20th, Caywil is no longer a part of our Casino operations. A resolution was agreed on that would authorize a letter of support for the current CFR Judge. A resolution was also approved contract with an attorney who specializes in Economic Development. The firm will be used initially to advice on payday loans and on-line gambling, but may also be utilized in any matter requiring their expertise. The Wellness Center is being furnished, and a position for a part-time director is to be advertised. The meeting was adjourned at 9:00 p.m. If you would like an enriched version containing financials email me at vccassady@att.net.