Laguna Development Corporation presented a check to the Pueblo of Laguna in the amount of $11,967,145 at the annual LDC Shareholders meeting held at Route 66 Casino Hotel on May 27, 2009. The payment represents the balance due from the cash sharing agreement between LDC and the Pueblo. The record breaking amount, combined with the monthly prepayments totalling $1,500,000, made a total cash sharing distribution to the Pueblo in 2008 of $13,467,145. The distribution is in addition to $5,855,000 in payments made to the Pueblo last year from a variety of cash sharing programs. Combined, these programs represented a total distribution in 2008 of $19,322,145.
Image: Enthusiastic Laguna Shareholders receive record breaking check from Laguna Development Corporation during the annual shareholders meeting held on May 27th.
Governor John Antonio accepted the cash share from LDC Chairman of the Board Floyd Correa and
President Jerry Smith as part of a day-long meeting between company offcials and representatives from the Tribal Council representing all the villages of Laguna.
During the meeting LDC board members presented the fnal fnancial results for the company during the 2008 calendar year as well as a report on the frst quarter of 2009. Independent auditors Moss Adams LLP presented their formal certifcation of the company’s fnancial statements and board members along with LDC Senior Staff discussed the company’s outlook for the remainder of the year and beyond.
2008 was a highly successful year for LDC as the company grew at a faster rate than any other Native American gaming operation in New Mexico. During the presentation President Jerry Smith said, “We have an extremely talented and experienced group of employees that is among the best in the state. I am very proud of the record-breaking results we were able to produce in 2008.”
In the frst quarter of 2009 revenues have declined as the national economy struggled through the recession that began last year. LDC Board Chairman Floyd Correa told shareholders. “We recognize that during a diffcult economic environment we must manage the company’s businesses very carefully. The company continues to be on solid fnancial ground which allows us to continue to look at other opportunities, evaluate the company’s priorities and be ready when the economy turns around.”
Also during the meeting Board members and Senior Staff felded questions from shareholders on a wide variety of topics including No Smoking sections, guest service, manager training, future plans for Dancing Eagle Casino, Mt Taylor Ranch, current marketing plans, problem gaming and succession planning.
At the conclusion of the meeting Governor Antonio offered words of encouragement to LDC leadership on behalf of the Pueblo of Laguna, “We pray the Creator will be willing to give you the wisdom and guidance to make the right decisions. We will be here to support you.”