MuskogeePhoenix.com, Muskogee, OK

Local News

March 24, 2013

Cherokee business unit says it’s healthy

Revenues for past fiscal year reported at more than $715M

— Cherokee Nation Businesses, the Cherokee Nation’s economic engine, reported record revenue for 2012 and a strong start to the first half of fiscal year 2013, according to a media release.

The company’s sole shareholder, the Cherokee Nation, is also seeing the effects of the strong fiscal performance in services to the Cherokee people.

During fiscal year 2012, Cherokee Nation Businesses earned more than $715 million in revenue from its diverse portfolio of businesses. Total operating revenue saw a more than 9 percent increase over the prior year, as well as a 24 percent increase of income from operations.

Much of the increase is a result of expansions of the tribe’s hospitality portfolio, Cherokee Nation Entertainment. The company expanded operations in Ramona, Fort Gibson and Hard Rock Hotel & Casino Tulsa.

This past year, the tribe’s business enterprises returned a dividend of nearly $57 million to the tribe to use for government programs and services for the Cherokee people. This funds homes for Cherokee citizens, health care and services in Cherokee communities.

CNB also reinvests a portion of its earnings into business diversification and job creation.

Cherokee Nation Businesses is the tribally owned holding company of the Cherokee Nation, the largest tribe in the United States. The Cherokee Nation and its businesses employ more than 8,900 people.

CNB owns companies in the gaming, hospitality, information technology, personnel services, distribution, manufacturing, telecommunications, environmental services, and security and defense industries.

Information: www.cherokeenationbusinesses.com.

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