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Cherokee Nation businesses report gaming strength and controlled costs in February results
Summary
Ben Bloche told the committee that gaming operations exceeded budget for February and that Cherokee Federal saw top-line pressure tied to SBA changes but finished the month above budget on net income; he emphasized expense management and a focus on acquisitions.
Ben Bloche addressed the Executive and Finance Committee with February financial results for the tribal business portfolio. He said the tribal gaming business continued to show "strong performance" and that "C and E exceeded both their budget in the previous February in terms of revenue and net income." He also reported that Cherokee Federal faced "top line compression from the changes going on at the Small Business Administration," but due to expense controls finished February above budget on net income.
Bloche told the committee that, year to date through the first five months of the fiscal year, revenue was down but net income remained over budget, noting that the organization is balancing expense management with investment to preserve future revenue generation. He described external pressures including a prolonged federal government shutdown and higher oil prices that affect customers' discretionary spending.
On strategy, Bloche said the business group will continue to ‘‘keep finding the good fight, keep looking for investments and acquisitions and good businesses at good prices’’ and emphasized maximizing results without cutting too deeply into operations.
Chair invited questions; none were recorded in the transcript before the meeting moved on to the Treasurer's report.
