Gov. Ralph DLG Torres said that casino gaming on Saipan has room for improvement since it is a new industry.<\/p>\n
In his second State of the Commonwealth Address last Friday, Torres said that Imperial Pacific International (CNMI) LLC had consistently paid its taxes despite the controversies swirling around the casino operator in the last three years.<\/p>\n
\u201cThis year marks the continued success of the newest addition to our economy, our gaming industry on Saipan. Some of the outcomes are positive and there remains room for improvement. Despite what you may have heard, IPI pays taxes. In fact, IPI is the highest single taxpayer in the CNMI,\u201d said Torres.<\/p>\n
\u201cThe casino gaming industry has provided the CNMI government with more than $153 million in business gross revenue tax, bar tax, excise tax, and other applicable taxes which they are required to pay.\u201d<\/p>\n
He thanked the CNMI Legislature for funding the government\u2019s many programs in education, healthcare, and infrastructure.<\/p>\n
\u201cWe need to learn from the lessons of the past and use revenues generated to support even greater returns for our islands. That is why I thank the Legislature for their commitment to using these funds to supplement other funding sources in our future. Over the last few years, the Legislature appropriated millions of dollars to investments in our community,\u201d said Torres.<\/p>\n
He said that $142.3 million was appropriated to healthcare for the Commonwealth Health Center, medical referral program, and the treatment of those suffering from addiction and substance abuse and $209.6 million for education to support the students to become the CNMI\u2019s next doctors, engineers, chemists, teachers, lawyers, nurses, and business leaders.<\/p>\n
Torres added that the $15 million annual license fee has also funded projects for the CNMI\u2019s three senatorial districts that was used to pave roads, improve Saipan\u2019s power generation and wastewater treatment center, support students, provide equipment to farmers, assist the Saipan Higher Education Financial Assistance\u2019s scholarship program, and acquire new equipment at the hospital like the new infant ventilator and CT scanner.<\/p>\n
\u201cAs we have moved this industry from concept, to law, to construction, we have all learned valuable lessons. We improve and adapt as new difficulties come up. We have extended and amended the original casino license agreement in response to these challenges and to make sure the project is done the right way,\u201d said Torres.<\/p>\n
Issues with IPI<\/p>\n
Torres and Commonwealth Casino Commission chair Juan Sablan said that Imperial Pacific International Holdings Limited\u2019s recent filing of a profit warning announcement is a \u201cconcern\u201d for the CNMI. Both, however, remain positive for the future.<\/p>\n
Torres said he plans to meet with IPI executives to learn more. \u201cI haven\u2019t seen what it is, but if it is a warning, all of should be concerned. I will get back and talk to them [IPI officials] and see about that warning and we\u2019re going to go from there.\u201d<\/p>\n
\u201cThere are challenges that they [IPI] are going through. Let\u2019s see what are those challenges and see what we can do to help.\u201d<\/p>\n
Sablan pointed out that competition in the gaming industry in the region is stiff. \u201cWe\u2019re competing against Macau, the Philippines, Cambodia, and Vietnam. They are also aggressive.\u201d<\/p>\n
He added that every business and economy experiences ups and downs. \u201cA business like a casino is like a wave. Sometimes it goes up and sometimes it goes down. It [IPI profit warning] is one of the concerns and every business in general. Every economy, it goes up and it goes down. [That\u2019s why] we have to save as much as possible.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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