Previous Story
Casino rakes in over $1 billion
IPI paid over $53.4M in taxes for 2017 to date
Imperial Pacific International (CNMI) LLC earned over $1 billion in gross gaming revenue from January to July 2017, according to documents obtained by Saipan Tribune.
The official documents, obtained from the Commonwealth Casino Commission, showed that, factoring in the 5-percent business gross revenue tax, IPI paid the Commonwealth government a total of $53.4 million for the period from January to July 2017.
In a month-by-month comparison, the casino garnered the most revenue during the start of the year, raking in over $327.3 million in gross gaming revenue in January 2017 alone, and weakening in April 2017, which yielded a gross gaming revenue of a little over $56 million.
The casino’s gross gaming revenue in May 2017 picked up the pace, garnering its second highest gross gaming revenue of over $242.5 million.
June showed gross gaming revenue at $90.1 million, while July garnered $133.2 million.
Casino revenue in August 2017 has yet to be posted.
The casino commission noted that the figures provided were strictly casino-generated.
The casino, like every other business, is required to pay a 5 percent business gross revenue tax, or BGRT.
The largest single contribution IPI paid based on the gross gaming revenue is $16.3 million in January 2017.
Its May payment came second at $12.1 million, while March 2017 is the third largest single contribution at $7.4 million.
Altogether, IPI paid the CNMI a total of $53.4 million in BGRT.
New venue
Compared to the June gross gaming revenue of $90.1 million, the casino showed a substantial revenue increase during its first month at the permanent location—the ground floor of the Imperial Pacific Resort. The live training facility at T Galleria moved across the street to its permanent location in early July.
The July gross gaming revenue amounted to $133.2 million, a 47.81-percent increase from the previous month, their last month at the T Galleria.
It is also worth noting that the casino’s gross gaming revenue has been seesawing, with revenues going up as high as nine-digit during odd-numbered months and eight-digit figures during even-numbered months such as February, April, and June.
