New York’s Oneida Indian Nation has reported an economic impact of $1.06 billion on the region through its varied operational spending, visitor spending, and settlement payments during the fiscal year 2022-2023, according to an Oxford Economics report.
The tribe released the report, Economic and Fiscal Benefits Created by the Oneida Indian Nation, in late July, when it announced the $370 million transformation of Turning Stone Resort Casino in Central New York.
A project which, over the course of two years, will encompass the creation of a conference center, outdoor event spaces, a new hotel, and more. The Oneida Nation expects the transformation to Turning Stone to generate thousands of construction jobs, and millions of dollars in revenue.
“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, as reported by the Observer-Dispatch.
Rendering for the upcoming Turning Stone Resort Casino expansion
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 Nation’s capital expenditures and future capital expenditures associated with the expansion of Turning Stone Resort Casino; the Nation‘s annual operational expenditures and off-site visitor spending, and Settlement Agreement payments made by the Nation to the State of New York and 10 local counties. All paired together, the total amounts to $610.4 million, according to the report.
Furthermore, according to the report, 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.
The Oneida County Tourism Board said 2022 impact numbers will not come out until later this year. They expect the Turning Stone transformation and Oneida Indian Nation will help attract tourism in the county and region.
“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,” said Oneida County Tourism President Sarah Foster Calero, as reported by the above-mentioned media.
Rendering for the upcoming Turning Stone Resort Casino expansion
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.
