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Report: Oneida Indian Nation has $1B impact on region(CNY):
https://www.uticaod.com/story/news/2...TICA-NLETTER65
"The Oneida Indian Nation has had a $1.06 billion economic impact on the region through its varied operational spending, visitor spending and settlement payments in the 2022-2023 fiscal year, according to a report released through Tourism Economics.
The Oneida Indian Nation released the report, Economic and Fiscal Benefits Created by the Oneida Indian Nation, in late July, when it announced the evolution of Turning Stone, a $370 million, two-year transformation will include a new conference center, hotel and medical center.
Tourism Economics is an Oxford Economics company.
“In 2022 alone, Turning Stone and our other enterprises generated a more than $1 billion economic impact in Upstate New York and annually support more than 7,000 jobs, including our 4,500 employees,†said Ray Halbritter, Oneida Indian Nation representative and Oneida Nation Enterprises CEO, in a statement.
"Our $370 million investment in the Turning Stone Evolution is our promise to the region, our partners and our employees to continue our role as an engine for economic development and job creation. The evolution will generate thousands of construction jobs and millions of dollars in revenue, and we are confident that the long-term impact of this investment will rapidly grow year after year.â€
Breaking down the numbers
In the report, Oxford Economics conducted an economic and fiscal impact analysis to assess the economic effects of activities associated with the Oneida Indian Nation, including:
- The Oneida Indian Nation’s capital expenditures and future capital expenditures associated with the expansion of Turning Stone Resort Casino, which includes a new conference center, hotel and medical center
- The Oneida Indian Nation‘s annual operational expenditures and off-site visitor spending
- Settlement Agreement payments made by the Oneida Indian Nation to the State of New York and 10 local counties
Paired together, the Oneida Indian Nation's operational spending, off-site visitor spending, and Settlement Agreement payments in fiscal year 22-23 amount to $610.4 million, according to the report.
The analysis also stated that the direct spending generates a total economic impact of $1.06 billion and supports 7,200 total jobs throughout the region on an annual basis. The total economic impact of $1.06 billion generates approximately $89.1 million in total state and local tax revenues.
Oneida County Tourism said 2022 impact numbers will not come out until later this year.
However, the board said Turning Stone and the Oneida Indian Nation help attract tourism in the county and region.
"We're thrilled to hear about all the investments that the Oneida Indian Nation and Turning Stone are continuing to make in our region,†Oneida County Tourism President Sarah Foster Calero said.
“They're true tourism pioneers who have a vision for the future. Turning Stone has consistently been a huge tourism leader in Oneida County, attracting visitors with their entertainment, casinos, spas, golf courses, hotels, restaurants, and their developments at Sylvan Beach. It's so exciting to learn about their newest plans that will continue to shape the future of tourism in Oneida County and the Central New York Region.â€
10-year settlement agreement anniversary
A section of the Tourism Economics report talks extensively about a revenue sharing agreement between the Oneida Indian Nation, New York state and Madison and Oneida Counties.
This year marks the ten-year anniversary of the settlement agreements reached after years of wrangling.
The original 2013 settlement included Sherrill, Augusta, the village of Vernon, the village of Sylvan Beach and the Vernon-Verona-Sherrill School District. Oneida County also struck agreements in 2015 with the Oneida City, Madison and Stockbridge Valley school districts in Madison County.
In 2019, the towns of Vernon, Verona and Vienna were included in the agreements. This is the last time the agreement was changed.
Over the last decade, the Oneida Indian Nation has given approximately $642.3 million, according to the report. That includes $180.3 million to Oneida County, $42.5 million to Madison County, $33.1 million to Onondaga County, and $356.4 million to the NYS General Fund."
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