The two business plans submitted Monday to develop a casino resort on Saipan have since been turned over to the Lottery Commission for compliance review and evaluation. Besides the business plan, the two applicants also deposited $30 million each in escrow to be further considered for the coveted license.<\/p>\n
\u201cAs this is the duty of the commission, the [Inos] administration reserves further comment on this matter,\u201d press secretary Angel Demapan said Tuesday in a statement.<\/p>\n
The four-member commission headed by Commerce Secretary Sixto Igisomar is scheduled to begin reviewing the proposals during today\u2019s scheduled meeting. <\/p>\n
\u201cAny further comments concerning the proposals should come from the commission,\u201d Demapan said.<\/p>\n
The commission has until June 19 to decide on the applications.<\/p>\n
House floor leader Ralph Demapan (Cov-Saipan), main author of the Saipan casino bill, said Tuesday the public should now allow the Lottery Commission \u201cto do its job as required by law and come up with a best decision.\u201d<\/p>\n
Demapan said the government can soon start realizing additional revenues and satisfy its obligations, including the restoration of retirees\u2019 deferred 25-percent pension using the $30 million from the winning applicant. The losing applicant will get its $30 million deposit back.<\/p>\n
Rep. Tony Sablan (Ind-Saipan), chairman of the House Ways and Means Committee, said the $30 million deposit in escrow for each of the applicants shows that \u201cinvestors see an opportunity\u201d on Saipan.<\/p>\n
\u201cOtherwise, they wouldn\u2019t have submitted a nonrefundable $1 million application fee, which is a big money, and now they deposited $30 million each in escrow. All indications are there that they are serious in trying to get a license to build a casino here. I\u2019m glad we are in this stage now,\u201d Sablan added. <\/p>\n","protected":false},"excerpt":{"rendered":"
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