THE failure of Imperial Pacific International to finish the construction of its casino-hotel does not mean it’s the end of the casino industry in the CNMI, said Commonwealth Casino Commission Executive Director Andrew Yeom.
In an interview after the commission’s meeting on Thursday, Yeom said the removal of tower cranes from the unfinished building is all about the safety of the public,
“We, the casino commission, are looking out for the safety of the public,” he added.
“We [also] love to see the construction resume especially in light of the travel bubble with South Korea,” he said, adding that a lot of tourists from South Korea want to visit Saipan.
He said he has been getting calls from gamblers in South Korea who are looking forward to playing at the IPI casino on Saipan.
The casino was shut down in March 2020 with the onset of the global Covid-19 pandemic. IPI, for its part, faces several lawsuits from former vendors or employees in federal and local court.
Yeom himself has filed complaints against IPI and is seeking the revocation of its exclusive license.
Legislation
In his report on Thursday, Yeom also informed the commissioners about the draft of new gaming legislation that the Macau Legislative Assembly published last month.
He said the bill proposes to cap the number of Macau’s casino licenses to six and reduce the license term to 10 years from 20 years.
This, Yeom said, will compel many casino operators in Macau to bring their investments elsewhere.
As of 2021, there were 42 casinos in Macau whose gaming revenue was $36 billion in pre-pandemic 2019.
Yeom told the Commission that the licenses of six of Macau’s casino operators — Wynn Macau, Sands China, MGM China, SJM Holdings, Galaxy Entertainment and Melco Resorts — are expiring in June 2022.
If the Macau gaming bill is enacted into law, Yeom said, “it may be troublesome for others who may not [get a license] and they may find themselves looking for other casino resort investment opportunities elsewhere, preferably in this Asia-Pacific region — the CNMI can be one of their possible destinations.”
Yeom said the Macau gaming bill would also impose restrictions on junket operators.
“What it means to us is that casino resort investment opportunities are opening up,” he added. However, he said, the global tourism market has also shifted and is now more focused on family vacations instead of VIP.
“This latest gaming bill in Macau clearly intends to address the trend in today’s hotel and casino resort industry worldwide,” Yeom said.
Commonwealth Casino Commission Executive Director Andrew Yeom reports to the commissioners on Thursday.
