But he believes that a smaller endeavor might succeed. There goes the casino proponents’ claim that a Saipan casino will pay for all the CNMI’s financial obligations.
Ben Lee of IGamiX, a managing and consulting firm, also says that Steve Wynn wouldn’t come. That’s because Wynn was already here competing for a Tinian gaming license. His experience on Tinian all but guarantees that legitimate American gaming interests in Macau and Singapore will not be interested in doing business in the CNMI. That leaves the usual suspects, fly-by-night operators that buy licenses at later-to-be-negotiated rates.
In any case, the $575 million advance payment for an exclusive license seems as though this is a license for one operator — and an invitation for graft on a large scale. For its part, the $25 million advance non-refundable deposit makes it sound as though multiple firms can compete for a license. So which is it? Multiple firms in which all the hotels can participate or only one licensee? And why limit casino operators to interests with 300 hotel rooms — why not hotels with 200 rooms?
If the general public finds the Tinian gaming commission objectionable, wait until Saipan gets its very own.
What’s the rush?
SENATOR Taimanao expressed concern over the meager sum budgeted for the hospital and she is right. But the Legislature is also willing to delay by a year the transformation of CHC into a public corporation without extensive hearings to educate the public on what that means for them.
Lawmakers also rushed the passage of a measure that will allow retirees to file a lawsuit even if the Retirement Fund refuses to do so. Why? The retirees can do this already. There must be language in the legislation that does something more than this.
It is at any rate irresponsible for the Legislature, which is directly responsible for introducing measures that placed the Retirement Fund at risk, to introduce yet another bill that may have unintended consequences.
Clearly, the Fund cannot be rescued at this stage with casino revenue or a pension bond or even proceeds from the litigation now being mounted against Merrill Lynch. The stock market is wobbly at best, and the Fund’s benefits far too generous to sustain over the long haul. The best thing the Fund can do for its members is convert them to the defined contribution plan to ensure that they will have something in the pot when they retire. Or members can agree on a single figure fixed to the lowest retiree annuity for everyone, something along the order of the ceiling that Social Security imposes. That will at least ensure a minimum payment for everyone currently enrolled in the Fund plan.
Right on
GOVERNOR Calvo of Guam deserves credit for his plan to reduce the size of GovGuam by laying off its employees to address his island’s fiscal woes. Calvo opted to cut jobs rather than impose reduced hour cuts because it is a fairer approach.
Over the long haul it will prove to be the wisest choice for Guam. Aside from the advantage of dealing with the tough issues first, downsizing GovGuam will create greater efficiencies and permit the governor to focus on the economy exclusively without the distraction and never-ending drama of borrowing from Paul to pay Peter.
