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World Resort gets 10-year tax relief
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Posted on Dec 06 2005
The government has granted Saipan World Resort a 10-year tax break amounting to nearly $6 million.
Gov. Juan N. Babauta approved on Nov. 22 the recommendation submitted by the Commonwealth Development Authority to give the hotel the tax rebate assistance under the government’s qualifying certificate program.
Kyon Won Lee, Saipan World Resort project manager, said they welcome the government’s favorable decision.
Although the company had hoped to get a bigger assistance, she said that they accept the government’s action.
“It’s a little bit lower than expected but we welcome it,” said Lee in an interview yesterday.
She said the hotel will continue with its $25.5-million expansion program.
CDA board chairman Tom Glenn Quitugua earlier described the 10-year incentive as “fair enough.”
Saipan World Resort applied for 100-percent tax abatement from business gross revenue, corporate income tax, and hotel occupancy over 25 years.
World Resort was granted $4 million worth of tax incentives for 10 years in 2004 but it decided to give it up and redo the entire application process in view of its additional investments this year.
It said the new expansion program includes the construction of a water park, additional rooms, a 25-meter national standard race pool, a daycare center for children, an outdoor stage, and other facilities.
Lee said the water park includes a lazy river, a wave pool, and a lot of slides.
“We have so many facilities to be constructed here. Lots of activities [for customers],” she said.
