More than six months after super typhoon Yutu battered Saipan, recovery efforts ...
SAIPAN - More than six months after super typhoon Yutu battered Saipan, recovery efforts are making little traction with the government facing cash-flow problems as its once vaunted engine of growth – a Chinese-funded casino project - is mired in deep losses.
Saipan’s economy had been buoyed by Hong Kong-listed Imperial Pacific International Holdings’ casino since it opened as a temporary facility in 2015. The project has contributed to around 60 percent of government revenues through taxes and operating fees. Imperial has been granted multiple extensions after missing deadlines to complete the project and local legislator Christina Sablan said there were concerns it would need to seek a further extension because of problems securing the workforce needed to finalize construction before the current 2021 deadline.
However, the planned 329-room luxury hotel - to be built on top of the casino - remains a towering construction site with cranes and scaffolding supporting the building’s windowless shell. On a recent Saturday afternoon, only four of around 100 baccarat tables were occupied, while the rest of the casino lay empty and VIP sections were closed off.
Saipan’s government is currently considering a bill to legalize online gambling to offset falling revenues from the casino. Imperial’s casino plan is the vision of Macau junket executive Ji Xiaobo, who won a 40-year casino license in 2014.
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