TULSA, Okla (PRWEB) March 22, 2013
Cherokee Nation Businesses, the Cherokee Nation’s economic engine, today reported record revenue for 2012 and a strong start to the first half of fiscal year 2013. The company’s sole shareholder, the Cherokee Nation, is also seeing the effects of the strong fiscal performance in services to the Cherokee people.
“We’re excited to see our businesses perform at this level,” said Bill John Baker, Principal Chief of the Cherokee Nation. “We are hitting all-time highs in production and earnings. That means creating more jobs and contributing more to state and local economies. Our businesses’ success is a win-win for the Cherokee Nation and for Oklahoma.”
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.
CNB also saw a boost in the federal and commercial contracting sector. Its diversified businesses portfolio, including technology, environmental and construction, security and defense, and health care services, set records with multiyear contract wins, resulting in more than $374 million in revenue spread throughout multiple years. The companies increased contract wins by 163 percent over the previous year.
Cherokee Nation Construction Services and Cherokee Nation Technology Solutions continue to be two of the fastest-growing business entities for the Cherokee Nation. CNCS was awarded contracts with the Department of Defense and the Bureau of Indian Affairs. The technology company increased its revenue in 2012 by more than 69 percent and is expected to secure additional revenue streams this fiscal year.
“The Cherokee Nation is proud to maintain our established partnership with the federal government to secure these contracts,” Baker said. “Our non-gaming businesses are on course to continue this success in the next year. As we continue to expand in all of our entities, we achieve our goals of creating job opportunities for Cherokees in different fields and establishing a strong economy to provide for our people.”
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.
“We are always looking for opportunities to grow our businesses and create jobs for Cherokee citizens,” said Shawn Slaton, CEO of Cherokee Nation Businesses. “This past year, we made some strategic investments in real estate and are expanding current operations. We are very proud of our employees and our management team, who keeps pushing us forward and providing positive results for the Cherokee Nation.”
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.
For more information, please visit http://www.cherokeenationbusinesses.com.