Oneida Indian Nation Releases Report
VERONA—The Oneida Indian Nation announced late last month that, following a year of record-breaking investments in Upstate New York during 2022, it has continued its commitment to serving as an economic engine in the region with a 25 percent increase in spending with Oneida, Madison and Onondaga county vendors in 2023. According to a press release issued on January 25, the Nation’s capital investments grew substantially in 2023 as well, with a 23 percent increase over 2022, while payroll spending increased by 18 percent, officials said. The Oneida Indian Nation also contributed more than $85 million in 2023 in Silver Covenant payments under the 2013 Agreement, including $578,138.00 awarded to Otsego County.
According to officials, this increased regional investment reflects the Oneida Indian Nation’s commitment to the continuous diversification of its enterprises and the growth of Upstate New York’s economy.
Last year, the Nation opened the 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.
While 2023 was another year of major investments from the Oneida Indian Nation, the release pointed out these do not include any spending related to the upcoming evolution of Turning Stone Resort Casino. The largest expansion of the resort in two decades is anticipated to begin later this year and will double existing event space and add a hotel, new restaurants, outdoor spaces, and other amenities throughout the property, officials said. Together, these additions and updates are expected to make Turning Stone the largest convention center in Upstate New York and one of just three venues of similar size and caliber in the state.
“Constant reinvestment and strong partnerships have been the foundations to our success,” said Oneida Indian Nation Representative and Turning Stone Enterprises Chief Executive Officer Ray Halbritter. “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.”
The multi-year project is expected to generate a one-time economic impact exceeding $600 million, create 3,600 one-time local jobs and generate more than $22 million in state and local tax revenues. At the same time, the evolution will continue to expand spending with local vendors and accelerate growth of the Nation’s workforce, one of the largest in the region. “When complete, this transformation will also have a dramatic impact on Upstate New York’s economy for generations to come, expanding the resort’s and the region’s marketing reach throughout the Northeast to attract larger and more prestigious organizations and events,” the press release reads.
In addition to investments related to the evolution of Turning Stone Resort Casino, a recent economic impact analysis conducted by Oxford Economics 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.
“When the Oneida Indian Nation invests in its enterprises, they are also investing in the success of the Mohawk Valley,” said Mohawk Valley EDGE President Steve DiMeo. “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.”
The same analysis also determined that since 2013, the Oneida Indian Nation has contributed more than $642 million in Silver Covenant Grant Program payments under the 2013 Agreement between the Nation, New York State and Oneida and Madison counties, including $85 million in the past year alone. During the last decade, these payments have generated $174.5 million for Oneida County, $42.5 million for Madison County, $31.2 million for Onondaga County and $341.2 million for the New York State General Fund in addition to funding for seven other counties throughout Upstate New York, including Otsego County. Beyond these funds, which support a wide range of public services and programs, the Nation’s Silver Covenant payments have also during this period generated a $1.15 billion total economic impact, generated 4,700 jobs and produced more than $78 million in total state and local tax revenues, officials said.
“We receive payments quarterly and the money is put into the General Fund and is used to help offset expenditures,” said Otsego County Treasurer Allen Ruffles of the Silver Covenant funds.