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.