Legislation
North Marianas – Saipan casino plan to prop up pension fund
By Phil - 26 February 2014
The Northern Marianas parliament is looking at bringing casino gaming to the island of Saipan once again with the House of Representatives filing a completely new measure, its fourth attempt to pave the way for casinos in four years.
The proposal for a Saipan casino licence would see investors need to spend US$30m as an upfront payment and pay $15m every year in it is operation.
So far each of the four previous bills has been rejected by the Senate. The author of the bill, Ralph Demapan, who is also the floor leader of the House, claims that with the government being forced to pay into a retirement settlement fund, the casino concept could carry more weight as it would be used to prop up the fund.
Pensions have recently been slashed by 25 per cent, which Mr. Demapan believes will see the casino legislation be approved this time round.
