A casino tax implemented on Best Sunshine International, Ltd. would be the answer to several funding and revenue problems in the Commonwealth, concerned citizen Glen Hunter believes.<\/p>\n
According to Hunter, should a 35-percent casino tax be implemented, a \u201cconservative estimate\u201d would more than double the budget of the CNMI government.<\/p>\n
\u201cYou\u2019re talking nearly $200 million in new revenues even if they continue to operate out of that mall (Best Sunshine Live),\u201d Hunter said.<\/p>\n
Basing on reports in Hong Kong, Hunter said, and assuming that 2.8 percent of their revenue stays with the casino, it would have about $50 million per month in gross revenue.<\/p>\n
Hunter said this would mean $35 million for the CNMI in two months if there is a casino tax in place.<\/p>\n
He added that this would resolve the retirees\u2019 25 percent issue, the capital improvement fund needs of the Commonwealth Utilities Corp., and the 10 percent Typhoon Soudelor match.<\/p>\n
\u201cIf the CUC needs money, the Retirement Fund needs money, the government needs to generate revenue, they need to stop sitting on their butts and pass this casino tax. It\u2019s time for the public to get behind that and it\u2019s time for the public to rise up and to say that it be taxed properly,\u201d Hunter said.<\/p>\n
Currently, according to the Commonwealth Casino Commission, the casino is required to pay the Business Gross Revenue Tax (BGRT) on their Gross Gaming Revenue (GGR: win minus payout), $15 million every year for a total of 40 years for their exclusive license fee, to pay $20 million a year into a special Community Chest Fund, Infrastructure Impact Fee (Developer\u2019s Tax), and other environmental and regulatory fees, including the $3 million Commonwealth Casino Regulatory Fee (CCRF) fund.<\/p>\n
The commission noted that these contributions of the casino to the CNMI economy, along with other community contributions and donations, are \u201chuge and quite substantial.\u201d<\/p>\n
Hunter said more revenues were promised because of the casino, however, there was only minimal difference on the budget of the CNMI despite the casino making profit.<\/p>\n
\u201cWhy the hell is this [Torres] administration and this Legislature unable to properly tax the casino? We embraced a new industry, the casino industry, even though the voters twice before rejected it,\u201d Hunter said.<\/p>\n
\u201cThey can more than double the cost of soda in a one afternoon session with no foresight, no oversight and no public hearing, God forbid they can\u2019t even pass a simple 35 percent casino gross gaming revenue tax?\u201d he added, referring to the Sugar Tax. <\/p>\n
Hunter reiterated that there is \u201cno casino in the world that has no casino tax.\u201d<\/p>\n
\u201cIt\u2019s the midterm election cycle and we hope that anyone who doesn\u2019t support the casino tax, I hope they get booted out of office,\u201d Hunter said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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