Economic news...
Oneida Indian Nation sees increase in spending: A look at the numbers(located in between Syracuse and Utica):
https://www.uticaod.com/story/news/l...tica-nletter01
"
In 2023 the Oneida Indian Nation furthered its track record of historic investments in Upstate New York with a 25% increase in spending with Oneida, Madison and Onondaga County vendors, officials said.
Looking ahead, the Oneida Indian Nation aims to create a larger regional impact – compared to last year’s 23% increase in capital investments and 18% increase in payroll spending – with what officials are calling “the resort’s largest expansion in two decades.â€
“Constant reinvestment and strong partnerships have been the foundations to our success,†said Oneida Indian Nation Representative and Turning Stone Enterprises CEO Ray Halbritter in a statement. “With the evolution of Turning Stone Resort Casino ahead, we are excited to continue growing these investments and partnerships for the benefit of the Oneida people, our workforce and the region as a whole.â€
Looking back
According to figures released by the Oneida Indian Nation, last year saw:
- Increased spending with vendors in the three-county area by $28,446,633 spent with 792 vendors ($142,510,064 total)
- Increased investment in capital projects by $18,512,247 ($100,304,882 total)
- Increased payroll spending by $34,394,256 ($220,736,217 total)
In 2023, the Oneida Indian Nation opened their first dispensary for Verona Collective, its seed-to-sale cannabis operation, expanded nightlife offerings at Turning Stone Resort Casino’s Exit 33 with the creation of NY Rec & Social Club, opened the fourth and largest Maple Leaf Market convenience store and updated conference and event spaces with new technology and decor throughout Turning Stone, officials said.
2024 plans
The resort’s largest expansion is anticipated to begin later this year and will include doubling existing event space, adding a hotel, new restaurants, outdoor space, and other amenities throughout the property.
Officials claim these additions will transform Turning Stone into the largest convention center in Upstate New York, comparable to only two other venues of similar caliber in the state.
The multi-year project is expected to generate a one-time economic impact exceeding $600 million, create 4,600 local jobs and generate more than $22 million in state and local tax revenues, officials said.
Oneida Indian Nation announced, when complete, this will have a dramatic impact on Upstate New York's economy for generations to come, expanding the resort’s marketing reach throughout the Northeast to attract more prestigious events.
Local appraisal
A recent economic impact analysis conducted by Oxford Economics, an independent global advisory firm, reported that in 2022 alone Turning Stone and the Oneida Indian Nation’s other enterprises produced a more than $1 billion economic impact within Upstate New York, officials said.
That same analysis determined that over the past decade, the Oneida Indian Nation’s Silver Covenant payments have generated 4,700 jobs and produced over $78 million in total state and local tax revenues.
Several local leaders have praised the Oneida Indian Nation’s contributions to the region.
CenterState CEO President Robert Simpson avowed that Oneida Indian Nation's enterprises have paved a path for generations to come.
“The Oneida Indian Nation has shown time and again that it is a committed partner in the economic success of Central New York," Simpson said in a statement.
"Its investments play a pivotal role in supporting existing businesses and providing new opportunities for the next generation of entrepreneurs. This economic impact data communicates the Nation’s ongoing commitment to economic development in the region - helping area businesses thrive, bringing new people to the region as a tourism destination, and serving as an engine of job creation that creates opportunities for residents and families.â€
Mohawk Valley EDGE President Steve DiMeo thanked the Oneida Indian Nation for their local investments.
"When the Oneida Indian Nation invests in its enterprises, they are also investing in the success of the Mohawk Valley," he said in a statement.
"These continued investments have had a transformational effect on economic development throughout the region, supporting local businesses, creating new jobs, and growing tourism. With the coming evolution of Turning Stone Resort Casino, this impact is poised for exponential future growth."
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Sports references from...
