{"id":351071,"date":"2021-09-02T06:05:09","date_gmt":"2021-09-01T20:05:09","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=351071"},"modified":"2021-09-02T06:05:09","modified_gmt":"2021-09-01T20:05:09","slug":"cccs-yeom-projects-28-14m-gross-i-gaming-revenue-in-22","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/cccs-yeom-projects-28-14m-gross-i-gaming-revenue-in-22\/","title":{"rendered":"CCC\u2019s Yeom projects $28.14M gross i-gaming revenue in \u201922"},"content":{"rendered":"
\"\"<\/a>
Andrew Yeom<\/figcaption><\/figure>\n

If the Legislature passes the internet gaming bill this year, the CNMI can generate as much as $28.14 million in gross gaming revenue for calendar 2022 alone, according to Commonwealth Casino Commission executive director Andrew Yeom, citing his study and market research on the subject.<\/p>\n

Based on similar projections for succeeding calendar years 2023, 2024, and 2025, the CNMI can collect $112.56 million, $252.63 million, and $449.4 million, respectively, he said.<\/p>\n

Yeom did a presentation on his internet gaming market research during the CCC board\u2019s monthly meeting at the Springs Plaza in Gualo Rai last Thursday, at CCC commissioner Diego M. Songao\u2019s request.<\/p>\n

Yeom, who has over 14 years of online gaming executive background in South Korea, was quick to point out, though, that it\u2019s only a projection, which means it could be wrong. \u201cThere is no guarantee that it will behave as projected,\u201d he said.<\/p>\n

If all works out well with internet gaming in the CNMI, Yeom said a CNMI-based online gambling site could have the potential to attract up to 2.1 million online users annually, generating roughly $450 million in gross gaming revenue starting in 2025 and beyond.<\/p>\n

Citing data he obtained in his research, Yeom noted that New Jersey generated from online casinos over $81 million in June 2020, resulting in the state collecting $14 million in tax revenue for that month alone. He said this happened despite the complete shutdown of land-based casinos due to the COVID-19 pandemic\u2014just like here in the CNMI<\/p>\n

\u201cThat is a fact, not a projection,\u201d he said.<\/p>\n

Yeom said that in the second quarter of calendar year 2020, online casino revenues tripled from calendar year 2019, with revenues surpassing $400 million worldwide.<\/p>\n

He said the growth in online casinos is primarily due to user demand for a digital experience, COVID-19 complications around brick and mortar casinos, and more states legalizing online gambling products.<\/p>\n

Yeom said casino.org research indicates that of the roughly 4.2 billion people who gamble globally, 3% from the U.S. gamble online and 5% from Asia gamble online.<\/p>\n

He said based on Statista studies on Las Vegas visitors, an estimated 40% of overall visitors are likely to gamble online.<\/p>\n

Yeom said studies by Grand View Research predict that the U.S. online sports betting and gambling opportunity will continue to increase between $42 billion and $58 billion annually.<\/p>\n

He said an expected 11.25% increase in Compound Annual Growth Rate will occur for i-gaming into 2025.<\/p>\n

Yeom said the Legislature and the public can be a judge of these projections and market data to understand what internet gaming may mean for the CNMI.<\/p>\n

He emphasized that that he and CCC are not lobbying for the passage of internet gaming bill one way or another.<\/p>\n

Rep. Joseph Lee Pan T. Guerrero (R-Saipan) has filed House Bill 22-47 that seeks to allow senatorial districts to establish and regulate internet gaming.<\/p>\n","protected":false},"excerpt":{"rendered":"

If the Legislature passes the internet gaming bill this year, the CNMI can generate as…<\/p>\n","protected":false},"author":23,"featured_media":351073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[],"class_list":["post-351071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/351071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=351071"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/351071\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media\/351073"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=351071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=351071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=351071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}