Chickasaw Nation experiences record revenues
While the state of Oklahoma has been muddling through a revenue failure, revenues have been booming for another governmental entity headquartered in this state.
The Chickasaw Nation, headquartered in Ada, took in more than $1.44 billion in revenue net of gaming prizes in the fiscal year that ended Sept. 30.
That was an 11 percent increase over the $1.3 billion in revenue the tribe reported the previous fiscal year.
“Net profits from our businesses are the highest ever in Chickasaw Nation history,” said Tony Choate, spokesman for the Chickasaw Nation. “Our casinos continue to do very well. We continue to reinvest in our existing businesses as we diversify our business portfolio.”
The Chickasaw Nation now
has more than 66,000 citizens, with the tribe’s enrollment having grown by more than 17,000 since 2001.
Revenue from the Chickasaw Nation’s numerous gaming enterprises continues to drive much of the tribe’s economic activity, with the nation operating such well-known gaming establishments as Remington Park in Oklahoma City, Riverwind Casino in Norman and WinStar World Casino and Resort in Thackerville.
But the tribe has a lot of other business interests, as well.
“People may be familiar with Bedre’ Fine Chocolate, which enjoyed a 60 percent growth in sales over the previous year,” Choate said.
“Bank2, a full-service bank located in Oklahoma City, is also doing very well,” he said. “Assets have grown and we continue to see progress. Bank2 is the largest source of Native American home loans in Oklahoma and one of the largest sources of such loans across the U.S.”
The Chickasaw Nation currently operates more than 100 businesses, utilizing Chickasaw Nation Industries (CNI) as a holding company that oversees more than a dozen subsidiaries that operate as LLCs.
“CNI now has operations in 38 states and employs more than 2,000 workers in occupations ranging from manufacturing to aviation and technology development,” Choate said.
The financial success of the Chickasaw Nation’s businesses has enabled the tribe to expand the services it offers to its citizens. Chickasaw businesses transferred more than $205 million in profits to tribal government accounts this past year where the money has been used to support both existing and expanded services.
In October the Chickasaw Nation opened a new 15,000-square-foot veterans lodge in Ada. The lodge is located near the Chickasaw Nation Medical Center for the convenience of veterans. Counseling services and assistance in connecting with various programs and benefits will be provided in the south side of the lodge, and the north part of the building will serve as a gathering place for leisure activities.
The Chickasaw Nation also opened a new emergency medical services facility on the Ada campus of the Chickasaw Nation Medical Center this past year.
A 26,000-square-foot child development center in Ardmore and a new wellness center, area office and medical clinic expansion in Purcell also opened this past year.
“We are nearing completion on a community center and a senior center in Oklahoma City to serve Chickasaws there,” Choate said, referring to properties being developed at 4001 NW 39th Expressway, on land that was formerly the Sportsman’s Country Club. “Our businesses continue to do very well.”