Solution to make up for casino license fee shortfall in fifth year eyed
Rep. Joseph P. Deleon Guerrero (Ind-Saipan) wants to make sure there are funds to make up for Saipan casino license fee funds that were earlier advanced.
Saipan casino law provided that the initial license fee payment would cover the first and fifth year of license fees.
However, that means there would be no casino license fee in the fifth year, in 2018.
Guerrero has pre-filed a bill, House Bill 19-16, to reserve $5 million of the business gross revenue tax for the years 2016, 2017, and 2018 to “compensate for the absence of the payment of the casino license fee.”
The bill mandates that these funds be reserved and placed in a special fund.
The Saipan casino, Best Sunshine International, Ltd., pays out $15 million a year for its license fee as the exclusive casino license holder on Saipan.
Some $10 million of the fee are dedicated to address retiree’s pensions, among others purposes.
