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Seneca Gaming Corporation Completes Private Offering of $300 Million of 7% Senior Notes due 2012
Niagara Falls, New York, May 5, 2004 - The Seneca Gaming Corporation ("SGC") announced today the closing of its Rule 144A private placement of $300 million of 7% Senior Notes due 2012 (the "notes"). SGC will use the proceeds principally to construct a new 600-room luxury spa hotel at its Seneca Niagara Casino & Hotel in Niagara Falls, New York, to repay certain outstanding debt, and to make a dividend to the Seneca Nation of Indians of New York (the "Nation"). G. Michael Brown, SGC's President and CEO, stated, "The offering of the notes was substantially oversubscribed and was the largest initial offering of notes of this type issued to date by a Native American gaming company."
Cyrus Schindler, Chairman of the Board of Directors of SGC, commented, "The proceeds from this financing will allow us to build upon our success at Seneca Niagara Casino & Hotel. We intend to become the premier gaming operator in our region. We are pleased that the investment community has recognized the strong operational and financial results we have achieved since our December 31, 2002 opening of Seneca Niagara Casino & Hotel." The Nation's President, Rick Armstrong, stated: "The Tribal Council and I are pleased with the recognition our Seneca Niagara Casino & Hotel has received by the investment community. We believe our plans for expanded development of the Seneca Niagara Casino & Hotel and the opening of the Seneca Allegany Casino have benefited and will continue to benefit the communities where we operate and the members of the Seneca Nation."
SGC is wholly owned by the Nation and chartered to manage the Nation's gaming operations. The Nation is a federally recognized, self-governing Indian nation operating under a Constitution originally adopted in 1848. The Nation is one of the Six Nations of the Iroquois Confederacy. The Nation holds title to four distinct Territories in Western New York State. Information about SGC's gaming operations can be obtained by visiting www.senecaniagaracasino.com and www.senecaalleganycasino.com.
Some information included in this press release contains forward-looking statements. Such forward-looking statements include, but are not limited to, information relating to SGC's business development activities, expansion plans, and capital spending. These forward-looking statements can sometimes be identified by our use of forward-looking words such as "may," "will," "anticipate," "estimate," "except," or "intend" and similar expressions. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of SGC or the Nation. These risks and uncertainties include, but are not limited to, those relating to SGC's business development activities, expansion plans and construction activities, capital spending, ability to become the premier gaming operator in the region, changes in interest rates, dependence on existing management, leverage and debt service, regional, domestic or global economic conditions, changes in federal tax laws or the administration of such laws, changes in gaming laws or regulation and the availability of financing for development and operations. The forward-looking statements included in this press release are made only as of the date of this release. Neither SGC nor the Nation undertakes any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. Neither SGC nor the Nation can assure you that projected results, plans or events will be achieved.
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