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IPI largest private contributor to CNMI economy

Saipan casino operator Imperial Pacific International says it has invested over half-a-billion dollars into the CNMI local economy, providing a much-needed foundation for the immediate and long-term growth and expansion of the islands.

“The investment is the largest by far by any single foreign investor in the CNMI,” wrote the operator in a press release, picked up by the Marianas Variety.

At the moment, the operator’s total investment in the CNMI amounts to $506 million.

For its part, the Marianas Visitors Authority said the increase in tourist arrivals is tied to the increase in investments in the CNMI, the largest of which is Imperial Pacific.

At the end of the second quarter of this year, company said it had contributed $201.6 million directly through taxes including Business Gross Revenue Tax, corporate income tax, excise tax, casino license fees, Commonwealth Casino Commission operating fund, donations and payroll withholding tax.

More news from this jurisdiction

Pacific IslandsWednesday, Jan 17, 2018

The principal owner of Tinian Entertainment Corp. says he is interested in resurrecting the defunct Tinian Dynasty hotel and casino.

Pacific IslandsWednesday, Jan 10, 2018

Imperial Pacific International has confirmed recent rumors about the departure of its chairman Mark Brown.

Pacific IslandsThursday, Nov 30, 2017

A mass exodus of workers on the Imperial Pacific Resort construction site could mean more delays are in store for the casino-hotel, which is aiming to complete construction by August 2018.

Pacific IslandsWednesday, Nov 22, 2017

The Commonwealth Casino Commission is recommending to set the maximum fine imposed on Imperial Pacific International to $200,000.

Pacific IslandsMonday, Nov 20, 2017

The House of Representatives is looking at increasing the maximum fine that can be imposed on players, licensees, vendors and employees of Imperial Pacific International under a new bill, local media reports.

Pacific IslandsTuesday, Nov 07, 2017

Slot machines owner Sin Ho Nam and operator Dan Bin Choi LLC are suing the CNMI government over new zoning restrictions that have forced the company to relocate its slot machines.

Pacific IslandsTuesday, Oct 31, 2017

A “wind-up” petition has been filed against Imperial Pacific International over allegations that the company defaulted in paying construction management fees of approximately HK$2.6 million (US$333,284)