Saipan casino boosts official funds

Credits: G3 Newswire
Credits: G3 Newswire

Gaming activities regulated by the Commonwealth of the Northern Mariana Islands (CNMI) increase national funds.

Northern Mariana Islands.- The Commonwealth of the Northern Mariana Islands (CNMI) has revealed that casino industry has boosted government’s funds thanks to a positive operating period since the license has recently taken effect. The government of the islands has received US$38.5 million in casino business gross revenue tax, according latest report published by official media.

“Of the amount, only US$16.5 million is available for appropriation because of a recently passed law that sets aside US$22 million in a special account to pay five percent of retiree pensions as well as the payment for this year’s bonus to retirees and their families,” stated the report.

As the Governor Ralph Torres explained, the funds will be destined to “land compensation obligations, and for education – including the public school system, the Northern Marianas College and public-private job placements and training.”

The island of Saipan is hosting the newest gaming salon in the territory, which is directly related to the Commonwealth’s economic development that was noted since late 2016. The Northern Mariana Islands’ real gross domestic product (GDP) in 2016 was up almost 29 percent year-on-year basis due to the local casino activity.

Meanwhile, legislators of Northern Mariana Islands are evaluating two proposals to further regulate the casino industry, currently only operated by Imperial Pacific casino. The Congress approved two different proposals related to the gaming industry in order to determine the authority of Commonwealth Casino Commission (CCC).

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casinos finance Imperial Pacific Saipan