SGC through Los Angeles Clippers its wholly owned subsidiaries Seneca

SGC, through describes angeles clippers los its wholly clippers news draws owned subsidiaries, Seneca NiagaraFalls Gaming Corporation ("SNFGC"), Seneca Territory Gaming Corporation("STGC") and Seneca Erie Gaming Corporation ("SEGC"), operates three casinosin Niagara Falls, New York (Niagara Territory) ("Seneca Niagara Casino andHotel"), Salamanca, New York (Allegany Territory) ("Seneca Allegany Casino andHotel"), and Buffalo, New York (Buffalo Creek Territory) ("Seneca BuffaloCreek Casino"), respectively.Fourth Quarter Fiscal 2008 Financial Results SummaryFor the three months ended September 30, 2008 ("Fourth Quarter 2008") andcomparative period in 2007 ("Fourth Quarter 2007"), consolidated net revenueswere $165.2 million and $167.7 million, respectively, a decrease of $2.5million, or 1%.The decrease when comparing these periods was primarily dueto a decrease in gaming revenues of $3.2 million, or 2%, resulting from thecontinued economic recession and tightening of consumer discretionary spendingresulting in decreased spending by gaming patrons; offset by a decrease inpromotional allowances of $0.8 million, or 3%.Total non-gaming revenuesearned in Fourth Quarter 2008 approximated those earned in the Fourth Quarter2007.Despite a $2.5 million decrease in net revenues as noted above, SGC'soperating income increased $1.7 million, or 4% when comparing these periods,and EBITDA decreased only $0.2 million, or less than 1%.Although SGCincurred increased head lease expense paid to the Seneca Nation of Indians, byemploying cost savings initiatives throughout the year in an effort toproactively maintain the financial health of the corporation during thesetumultuous economic conditions, SGC was able to mitigate the impact of theeconomic factors affecting these operating indicators during the FourthQuarter 2008.SGC's Adjusted EBITDA before head lease expense was $74.9million for the Fourth Quarter 2008 compared to $70.6 million in the FourthQuarter 2007, an increase of $4.3 million, or 6%.Brian Hansberry, President and Chief Executive Officer of SGC, stated thefollowing:"In the Fourth Quarter of 2008, the economic conditions facing theregion and the entire country had an impact on the financial results of SGC. Consolidated net revenues decreased during the Fourth Quarter of 2008 comparedto the same quarter last year due in large part to reduced consumerdiscretionary spending and reduced demand for entertainment and gamingofferings.To help offset the effects of the economic downturn, we haveinstituted many expense control measures and efficiencies, including adjustinglabor schedules to our lower business volumes and reducing food costs.OnDecember 2, 2008 we announced a 5% reduction in work force, suspension of ouryear-end bonus program, a salary freeze for employees earning more than$70,000 per year, and implementation of voluntary salary reductions formembers of our board of directors and senior management.I continue tobelieve we will weather this economic downturn because of our dedicatedemployees, a strong business model and the support of our owner, the SenecaNation of Indians. Patrons will continue to experience the highest quality ofgaming, entertainment and four star hospitality service that they have come toknow and expect from the Seneca Gaming Corporation."Twelve Months Fiscal 2008 Financial Results SummaryFor the twelve months ended September 30, 2008 ("Fiscal Year 2008") and twelvemonths ended September 30, 2007 ("Fiscal Year 2007"), consolidated netrevenues were $632.1 million and $593.0 million, respectively, an increase of$39.1 million, or 7%.The increase when comparing these periods was theresult of an increase in gaming revenues of $36.8 million, or 6%, and anincrease in non-gaming revenues earned from our food and beverage, lodging,retail, entertainment and other operations of $15.9 million, or 16%.SGC'soperating income decreased $4.0 million, or 3%, to $144.2 million from $148.2million when comparing these periods, and EBITDA decreased $11.4 million, or6%, to $189.7 million from $201.1 million.During Fiscal Year 2008, SGCincurred incremental expense related to head lease expense paid to the SenecaNation of Indians of $26.4 million and incremental slot exclusivity fees paidto New York State.SGC's Adjusted EBITDA before head lease expense was $257.6million for Fiscal Year 2008 compared to $248.8 million for Fiscal Year 2007,an increase of $8.7 million, or 4%.Recent EventsDuring the first two months of the fiscal year commencing October 1, 2008, SGCexperienced an approximate 5% decrease in slot handle and an approximate 15%decrease in table game drop, which decreases have contributed to a decrease innet revenue of approximately 5% when compared to the same two month period ofFiscal Year 2008.Barry E Snyder, Sr. Chairman of the SGC Board of Directors commented:"SGC's decision to further employ the expense reduction measures noted by Mr.Hansberry above, was necessary to prepare for continued challenges the countryis facing and came only after SGC's proactive implementation of cost measuresover the past twelve months to reduce our expenses and to increase operatingefficiencies in preparation for such difficult times. While we have beensuccessful in obtaining such efficiencies, we believe those decisions wereprudent in light of the continued economic recession and tightening ofconsumer discretionary spending which has resulted in decreased spending bygaming patrons as evidenced in the preliminary results for the first twomonths of Fiscal 2009.While we endeavor to produce operating resultsgenerally consistent with those historically achieved we feel it is necessaryand in the best interest of SGC's owners and bondholders to continue to takemeasures to preserve SGC's strong financial condition and position us forcontinued future growth and success.In light of the significantdeterioration of financial results and consumer discretionary spendingreported by gaming companies operating in other gaming jurisdictions, SGC isextremely pleased with its ability to maintain strong operating results andlow leverage relative to its peers."Non-GAAP Financial MeasureEBITDA is a non-GAAP financial measure, but is commonly used in the gamingindustry as a measure of performance and basis for valuation of gamingcompanies. A reconciliation of net income to EBITDA is provided at the end ofthis press release clippers.com .SGC defines EBITDA as earnings before interest, taxes, depreciation andamortization.

SGC defines Adjusted EBITDA before Head Lease Expense as EBITDAplus pre-opening expense, other non-operating expenses and head lease expense.SGC's calculation of EBITDA and Adjusted EBITDA before Head Lease Expense maybe different from the calculation used by other companies and thereforecomparisons of EBITDA and Adjusted EBITDA before Head Lease Expense may belimited los angeles clippers scholarship . EBITDA and Adjusted EBITDA before Head Lease Expense should not beconstrued as a substitute for operating income or net income, as they aredetermined in accordance with generally accepted accounting principles.Forward-Looking StatementsThis earnings release contains certain forward-looking statements intended toqualify for the safe harbor from liability established by the PrivateSecurities Litigation Reform Act of 1995 clippers forum . The words "believe", "estimate","anticipate", "intend", "plan", "expect", "will", "continue", "evaluate", andwords of similar meaning, with references to SGC and its management, indicateforward looking statements clippers dancers Clippers tickets - nba . Similarly, statements that describe our plans orgoals are all forward-looking statements clippers game schedule . Forward-looking statements involverisks, uncertainties and other factors that could cause actual results todiffer materially from those expressed in or implied by the forward lookingstatements contained in this earnings release, including, but not limited toour ability to weather this economic downturn, our ability to operate ourfacilities in an efficient manner, our ability to continue to provide ourpatrons with the highest quality of gaming, entertainment and four starhospitality service, our ability to produce operating results generallyconsistent with those historically achieved and our ability to maintain strongoperating results and low leverage relative to our peers Clippers .

Additionalinformation concerning potential factors that could affect SGC's financialcondition, results of operations, and expansion projects are described fromtime to time in SGC's periodic reports filed with the SEC, including, but notlimited to, SGC's Annual Report on Form 10-K . These Reports may be viewed freeof charge on the SEC's website,, or on SGC's website, disclaims any obligation to update the forward-looking statements clippers 2007 schedule Clippers tickets . You arecautioned not to place undue reliance on these forward-looking statements,which speak only as of the date of this earnings release.Earnings Conference CallThe Seneca Gaming Corporation will host an earnings conference call forinvestors and other members of the financial community on January 13, 2009 at10:00AM EST lakers center Los Angeles Clippers tickets . Interested parties may participate in this call by dialing1-800-894-5910 pass code SENECA Los Angeles Clippers - wikipedia . A rebroadcast of this earnings conferencecall will be available for 14 days by dialing 1-800-839-2383. SENECA GAMING CORPORATIONCONSOLIDATED BALANCE SHEETS(AUDITED) ($000's omitted)September 30,2008 2007-------------- Assets Current assets:Cash and cash equivalents $53,305$78,662Short-term investments300 19,100Receivables from affiliates81 58Other receivables, net2,6243,585Inventories 4,1964,421Other current assets9,1278,194-------------- Total current assets69,633114,020 Property and equipment, net799,335699,381 Restricted cash- 14,579 Other long-term assets66,750 57,980--------------Total assets935,718885,960============== Liabilities and Shareholders' Equity Current liabilities:Trade payables3,3686,194Construction payables29,619 21,201Distributions payable to Nation24,000 48,000Exclusivity fees payable9,2349,279Accrued interest 15,104 15,104Accrued regulatory costs 27,888 23,240Accrued gaming liabilities 15,657 15,100 Accrued payroll and relatedliabilities10,138 16,641Other current liabilities13,5115,610-------------- Total current liabilities148,519160,369 Long-term debt 496,353495,347-------------- Total liabilities644,872655,716-------------- Capital:Retained earnings 290,846230,244-------------- Total liabilities and capital $935,718 $885,960 ======== ======== SENECA GAMING CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS($000's omitted) Three Months Ended:Twelve Months Ended(Unaudited) (Audited) ---------------------------------------------------- September 30, September 30, September 30, September 30,2008200720082007 ------------------------------------------------ Revenues: Gaming$163,442$166,621$632,580$595,826 Food and beverage 16,59516,22063,27256,608 Lodging7,256 8,55228,75724,352 Retail,entertainmentand other 6,547 5,74425,03220,190 Less:promotionalallowances(28,639)(29,429) (117,553) (104,012) ------------------------------------------------165,201 167,708 632,088 592,964 ------------------------------------------------ Expenses: Gaming42,78343,506 169,472 153,259 Food and beverage 12,75713,27049,90747,863 Lodging3,886 3,66315,03811,862 Retail,entertainmentand other 4,100 4,21515,10512,886 Advertising,generaland administrative 42,24444,161 187,011 153,838 Pre-opening costs (8)208 28615,426 Depreciation12,54813,48451,08149,597 ------------------------------------------------ Total operatingexpenses118,310 122,507 487,900 444,731 ------------------------------------------------ Operating income46,89145,201 144,188 148,233 Other non-operatingincome (expense) (1,450) (500) (5,600)3,220 Interest income 93 830 1,344 3,886 Interest expense(8,493)(10,039)(37,325)(36,063) ------------------------------------------------ Net Income $37,041 $35,492$102,607$119,276 ================================================ SENECA GAMING CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (AUDITED) Twelve Months EndedSeptember 30, ------------------------ 20082007 ----------------(Dollars in Thousands)Cash flows relating to operating activities:Net income $102,607$119,276Adjustments to reconcile net income to net cash provided by operating activities:Depreciation 51,08149,597Loss on disposal of assets166 992Amortization of deferred financing costs and debt discount3,238 3,232Other than temporary decline in investments 4,200 500Provision for Bad debts 292 407Write-off of acquisition costs1,192 -Other -(388)Change in operating assets and liabilities:Current assets(62) (5,114)Long-term assets (1,193)(13)Current liabilities(2,668) 11,259 ----------------Net cash provided by operating activities 158,853 179,748 ----------------Cash flows relating to investing activities:Purchases of property and equipment(141,383) (163,648)Land acquisition costs (5,874)(15,319)Decrease (increase) in restricted cash 14,57911,221Deposits (127)-Sale of investments, net 14,60042,700 ----------------Net cash used in investing activities(118,205) (125,046) ----------------Cash flows relating to financing activities:Capital contribution from the Nation- 3,198Distributions paid to the Nation(66,005)(57,433) ----------------Net cash used in financing activities (66,005)(54,235) ----------------Net (decrease) increase in cash (25,357)467Cash balances:Beginning of period78,66278,195 ----------------End of period $53,305 $78,662 ================SENECA GAMING CORPORATION Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA before Head Lease Three months ended September 30, 2008(UNAUDITED) ($000's omitted)ConsolidatedNet Income (loss)$37,039Depreciation12,548Interest, net8,400 -------EBITDA57,987Pre-opening costs (8)Other Non-operating expense1,450Head lease expense15,500 -------Adjusted EBITDA before Head Lease$74,929 ======= SENECA GAMING CORPORATION Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA before Head Lease Three months ended September 30, 2007 (UNAUDITED) ($000's omitted)ConsolidatedNet Income (loss)$35,490Depreciation13,484Interest, net9,209 -------EBITDA58,183Pre-opening costs208Other Non-operating expense500Head lease expense11,706 -------Adjusted EBITDA before Head Lease$70,597 ======= SENECA GAMING CORPORATIONReconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA before Head LeaseTwelve months ended September 30, 2008 (UNAUDITED) ($000's omitted) ConsolidatedNet Income (loss)$102,608Depreciation 51,080Interest, net35,982 --------EBITDA189,670Pre-opening costs 286Other Non-operating expense 5,600Head Lease expense 62,000 --------Adjusted EBITDA before Head Lease$257,556 ======== SENECA GAMING CORPORATION Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA before Head LeaseTwelve months ended September 30, 2007 (UNAUDITED) ($000's omitted)ConsolidatedNet Income (loss) $119,273Depreciation49,597Interest, net 32,177--------EBITDA 201,047Pre-opening costs 15,426Other Non-operating expense (3,220)Head Lease expense35,578--------Adjusted EBITDA before Head Lease $248,831========SOURCESeneca Gaming CorporationDavid Sheridan, Chief Financial Officer, Seneca Gaming Corp., +1-716-501-2010.

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