Laguna Development Corporation and the Pueblo of Laguna officers and council took the stage in Legends Theater for the bi-annual Shareholders Meeting on Friday, August 2nd. LDC formally announced the company has once again delivered 100% of its financial commitments to the Pueblo of Laguna. Including cash sharing payments, taxes and fees, contributions and scholarships, LDC proudly provided more than $9.7 million to the Pueblo of Laguna in 2012.
LDC presents check at the biannual shareholder meeting
Each year at this time, LDC formally announces the results of a financial audit to the POL, reports business results from the prior year, provides a mid-year update on current business conditions and formally announces the amount LDC has contributed to the government of the Pueblo and the Laguna community in the previous year. After introductions and opening comments by Governor Richard Luarkie, Moss Adams Certified Public Accountants reported on the financial statements of LDC and evaluated the overall health of the company. According to Moss Adams, LDC continues to be in a strong financial condition and the company is well positioned both for current operations as well as future growth.
Members of the LDC Board of Directors then narrated a more detailed report on market conditions, issues and objectives as well as capital improvement projects topping LDC’s current and future operating agenda. Board members told tribal officers and council members the New Mexico gaming market has undergone significant changes in 2013 with the opening of two new casino operations in New Mexico and the re-branding of one of LDC’s closest competitors. The report included LDC’s plans for maintaining its position as New Mexico’s second largest tribal gaming enterprise. Capital projects were discussed including the recent completion of the parking lot at the Marketplace @ Dancing Eagle Grocery Store in Casa Blanca and updates on the refurbishment of the hotel rooms at Route 66 and the expansion of Buffet 66 which will begin later this year.
Also during the meeting tribal officials had the opportunity to ask questions. Answers to these questions were provided in writing and will be delivered to POL community members during the weekly pueblo village meetings. Meeting attendees also enjoyed an impressive breakfast and lunch prepared by LDC’s award-winning Food & Beverage team.
The next shareholders meeting will be held in early 2014 when LDC will report preliminary business results from 2013 and provide an overview of the 2014 company business plan.