TYRE, N.Y. — The del Lago Resort and Casino in Seneca County has now been open one full year, despite facing some challenges. 

The anniversary comes as the credit rating company Moody's has downgraded the casino's long-term outlook from stable to negative.

The credit rating agency says del Lago's first year of revenue was significantly less than what was projected.

One reason cited, the casino's close proximity to its competitors.

The casino's general manger acknowledges the challenge, but he tells us the casino did not lose money last year.

"Look, with other casinos in the area, there's always going to be competition," said Jeff Babinski, del Lago general manager. "And you know what, it's healthy competition for the consumer. We look to be very competitive as we go forward. We'll continue to market and hit a mark."

Local leaders say the casino has exceeded all of their expectations, telling us its allowed the town of Tyre to drop its property tax rate 50 percent in each of the last two years.