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2 casino biz plans now with commission
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.
“As this is the duty of the commission, the [Inos] administration reserves further comment on this matter,” press secretary Angel Demapan said Tuesday in a statement.
The four-member commission headed by Commerce Secretary Sixto Igisomar is scheduled to begin reviewing the proposals during today’s scheduled meeting.
“Any further comments concerning the proposals should come from the commission,” Demapan said.
The commission has until June 19 to decide on the applications.
House floor leader Ralph Demapan (Cov-Saipan), main author of the Saipan casino bill, said Tuesday the public should now allow the Lottery Commission “to do its job as required by law and come up with a best decision.”
Demapan said the government can soon start realizing additional revenues and satisfy its obligations, including the restoration of retirees’ deferred 25-percent pension using the $30 million from the winning applicant. The losing applicant will get its $30 million deposit back.
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 “investors see an opportunity” on Saipan.
“Otherwise, they wouldn’t 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’m glad we are in this stage now,” Sablan added.
