Saipan casino bill signed into law

There’s no denying that it’s been a hectic few weeks in Saipan and the country’s quest to legalize casinos in an attempt to jumpstart certain sections of the US territory’s struggling economy.. The bill still passed and was signed into law despite carrying a cover note with recommendations of changes to apply in an amendment bill. That bill, HB 18-182, was proposed a few days later and didn’t waste time getting passed, winning on a 13-7 senate vote.

As part of these amendments, issues on pension cut provisions, payment of interest on retirement contribution withdrawals, tax rebate restoration, tax benefits for the exclusive casino licensee, lower utility rates and land compensation were all addressed, answering all the changes that were agreed upon by governor Inos and the Northern Marianas senate.

With all the flurry of movement and decisions made in the past couple of weeks, those who supposed the casino bill can now take comfort knowing that certain issues affecting the bill, including the restoration of a previous pension cut for retirees is now set to take into effect within 90 days. In addition to that, the new law also calls for 80 percent of casino license fees and gaming taxes to be used in rebuilding the territory’s retirement fund while also assist in subsidizing utility costs for residents.

Moving forward, Inos isn’t wasting any time putting into motion the new law. The governor is already in talks with a group from South Korea and a pair of Hong Kong investors, including Mega Stars Overseas, to gauge their interest in building a casino in Saipan. Expect more operators to join the mix of discussions to secure that exclusive license that will be granted to one major operator who will be required to invest a minimum us$2 billion in the project.