As we tango out of step about our impending wealth from casino, a news story from Reuters (printed recently in the Japan Times) discusses plans by two U.S. casino giants eyeing either Osaka or Tokyo as the next ripe market for their venture. <\/p>\n
Most folks here missed it as to deny our assessing its impact on our \u201cMidnight Hour\u201d casino industry. Aren\u2019t we supposed to have the foresight and vision to weigh how this would play against the industry here? We can\u2019t brave ignorance on this score.<\/p>\n
\u201cTwo U.S. billionaires are betting on rival cities, Tokyo and Osaka, to be the first in Japan to open casino resorts\u2014once the government gives the go-ahead to legalize gambling.<\/p>\n
\u201cJapan is one of the world\u2019s last untapped gaming markets and could become the third largest gambling destination after Macau and the United States, with annual revenue of over $40 billion, according to broker CLSA.<\/p>\n
\u201cLawmakers who support legalizing casino gambling hope to see initial draft legislation this year, with the first resort opening by 2020, when Tokyo hosts the Olympic Games.<\/p>\n
\u201cIn a race for first-mover advantage, 76-year-old Chicago real estate mogul Neil Bluhm has set his sights on the southern commercial hub of Osaka, while Las Vegas gaming tycoon Sheldon Adelson, four years his senior, is putting his weight behind a Tokyo flagship resort.<\/p>\n
\u201cBluhm, who owns casinos in Pennsylvania, Chicago and Niagara Falls, has a net worth of $2.6 billion, according to Forbes. The former lawyer and now head of Rush Gaming believes Osaka, one of Chicago\u2019s \u2018sister cities,\u2019 has the kind of flexible local government that will help drive this project, and, crucially, has \u2018shovel ready\u2019 casino sites.<\/p>\n
\u201cWhile Adelson hasn\u2019t ruled out pitching for Osaka too, he sees Tokyo as the main prize, given its highly affluent 13.2 million population. The CEO of Las Vegas Sands Corp, who Forbes says is worth close to $39 billion, has pledged to spend $10 billion as Japan opens up to legal gambling\u2014an offer he says his rivals can\u2019t match.<\/p>\n
\u201cSands, which has casinos in Macau, Singapore and Las Vegas, remain bullish on its Japan plans given the country\u2019s wealthy population and proximity to China. \u2018We are very confident in our ability to generate a return that would be satisfactory to our shareholders,\u2019 George Tanasijevich, managing director for global development, said in a phone interview. He did not elaborate.\u201d<\/p>\n
Japan is a very wealthy nation with 26 million multi-millionaires, many of whom are retired folks. It generates $40 billion annually in revenues. It has the infrastructure\u2014wealthy folks\u2014to support its industry. If other wealthy nations work the clock to lure the rest of Asia\u2019s wealthy, where would the CNMI casino industry secure its share of the market?<\/p>\n
Why are Adelson and Bluhm headed to Japan and not the CNMI? What did they miss of the CNMI that they should know about other than its reputation in Washington as a \u201cwelfare state\u201d gift-wrapped in \u201ccorruption\u201d? Or what happens to the Saipan casino when wealthy Japan opens up in less than six years? Aren\u2019t we preparing an industry to eventually fail?<\/p>\n
Why is the focus of casino fees strictly on retirees\u2019 pension? What about the larger community and the need to defray the cost of education, health, and public safety? What myopic view, ignoring the majority\u2019s needs.<\/p>\n
Finally, what if there\u2019s a serious geopolitical rift in Southeast Asia between China, Japan, Vietnam, and the Philippines? Remember the Asian financial flu? It instantly took the wind out of our tourism industry. Do you see how easily this industry could be derailed and paralyzed? Vision: Anybody?<\/p>\n
Hangover refuses to leave<\/strong> As we tango out of step about our impending wealth from casino, a news story…<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[256,26,170,545],"class_list":["post-39767","post","type-post","status-publish","format-standard","hentry","category-opinion","tag-casino","tag-cnmi","tag-japan","tag-tokyo"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/39767","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=39767"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/39767\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=39767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=39767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=39767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nMemories last forever, especially sweet ones. We once had millions of dollars. Our coffers were loaded and overflowing as the party goes on 24\/7. We were inebriated by the good times of the boom years. We hold unto the darn hangover of the good old times!
\nToday we look around, wobbly, broke though stubbornly singing, \u201cDon\u2019t worry, be happy, it\u2019s only bankruptcy!\u201d Did I miss something?
\n***
\nIn my days as the CNMI\u2019s delegate to what\u2019s now the South Pacific Community, I\u2019ve visited islands south of the equator to attend meetings of representatives and annual conferences.
\nTahiti remains that indelible experience I\u2019ve had with real island hospitality. Like my kanaka braddah said, \u201cEh, if you\u2019ve never been to heaven, Tahiti\u2019s one more step to heaven.\u201d
\nI asked him to compare it to Saipan. He looked at me a bit embarrassed but related \u201cDis place braddah is the reverse where you get to meet the chief downstairs named Lucy.\u201d Gee! I had my laugh of a lifetime. It\u2019s all about common courtesy, true?
\nHonolulu ranks second while Saipan and Noumea are last on my list. The aloof Frenchman at the immigration counter has no inkling what hospitality entails. He flashes a \u201cscrew you\u201d smile. The guys and gals need tons of training in the hospitality business given that the airport is our front door in tourism.
\n***
\nObamacare has forced increases in healthcare premiums beyond the reach of average, low-income regular workers and retirees here. Obama\u2019s promise of reducing healthcare cost by $2,500 or you could \u201ckeep you plan\u2026doctor\u201d has failed royally too. Yet he continues preaching to the multitude as though it has been one grand success. But then he loves listening to his voice, not his scattered thoughts on a slew of lies!
\n***
\nMoving police officers closer to the community is an outstanding program. It\u2019s a deterrent in every sense of the word. It puts Magellan\u2019s Troops in their place. It feels good seeing a patrol car around the neighborhood. It\u2019s when their visit is scarce that begins to tie knots in my tummy. Good work Commissioner Deleon Guerrero! <\/p>\n","protected":false},"excerpt":{"rendered":"