At a time when almost the entire gaming industry is experiencing shortfalls from prior year levels even in places like Las Vegas and Connecticut and the well is nearly dry for bank deals with casino enterprises, the Oneida Indian Nation’s Turning Stone Resort and Casino in Upstate New York is beating the odds with a strong financial performance that has enabled them to refinance to lower interest rates according to the tribe’s chief financial officer.

“While several leading gaming venues have seen revenues fall substantially and have experienced difficulty paying debts, while not being able to meet their financial covenants, as well as seen investors scramble away, we have cut expenses without affecting quality helping us to remain competitive, worked to maintain or increase revenues and put together a syndicated bank deal to reduce what we pay out in debt that financed a previous expansion,” stated Dave Rebich, CFO for the Oneida Nation and its enterprises, including Turning Stone.

Rebich said, “On October 30, we closed on a bank arrangement primarily to refinance our 9.125% Senior Notes currently totaling more than $125 million. The Royal Bank of Scotland PLC is the lead agent in a regional bank group consisting of RBS Citizens, N.A., M&T Bank, NBT Bank National Association, Key Bank National Association, and Community Bank, N.A..”

He noted, “The loan, initially amounting to $101 million will begin amortizing on a straight-line sixty-six month basis after an eighteen month interest only period and will mature on December 15, 2013. The Line of Credit initially amounting to and funding at $24 million will also have a December 15, 2013 maturity date, but could be renewed.” Rebich added, “Both the loan and the line will be LIBOR based with a spread of 4.50 percent. The primary covenants are a 3.50 debt service coverage ratio, a 1.25 Fixed Charge coverage ratio.”

About Turning Stone Resort and Casino
A premier four-season, destination resort in Upstate New York, the Oneida Indian Nation's Turning Stone Resort and Casino is conveniently located about 30 miles east of Syracuse at NYS Thruway exit 33. Turning Stone was named “Most Excellent Resort” by Condé Nast Johansens in 2007 and “Casino of the Year” by the Academy of Country Music in 2009. The resort offers world class gaming, golf, entertainment, accommodations and spa facilities and has earned AAA four-diamond ratings for The Lodge, The Tower Hotel and Wildflowers restaurant. The Atunyote Golf Club is the annual host of The Turning Stone Resort Championship, a PGA Tour event. Turning Stone's entertainment and meeting venues include the 5,000-seat Event Center, the 800-seat Showroom and the Conference Center.

About the Oneida Indian Nation
The Oneida Indian Nation is a federally recognized Indian nation in Central New York. A founding member of the Haudenosaunee Confederacy (also known as the Six Nations or Iroquois Confederacy), the Oneida Indian Nation sided with the Americans in the Revolutionary War and was thanked by Congress and President George Washington for its loyalty and assistance. Today, the Oneida Nation consists of about 1,000 enrolled Members, most of them living in Central New York. The Nation’s enterprises, which employ nearly 5,000 people, include Turning Stone Resort and Casino, the SāvOn chain of gas stations and convenience stores, a nearly 1,500-head Angus beef herd, several retail outlets, and Four Directions Media, which includes a national weekly newspaper and a 3D animation/HD cinematography production company. Proceeds from these enterprises are used to rebuild the Nation’s economic base and provide essential services, including housing, health care, and education incentives and programs, to its Members.