14 Jul 2014

CNMI casino law signed off

4:29 pm on 14 July 2014

A casino law in Saipan, that has been amended to fix its ambiguities, was signed into law by the governor of the Northern Marianas, Eloy Inos, last Friday.

The Commonwealth's retirees and former defined benefit plan members have applauded the move which paves the way for a Saipan licence to be issued.

Dynasty casino, Tinian, CNMI.

Dynasty casino, Tinian, CNMI. Photo: RNZ / Mark Rabago

Mr Inos is optimistic that an exclusive casino licence would be granted soon, which he says would give the territory's economy a 'shot in the arm.'

A Saipan casino licence would trigger the release of 30 million US dollars, which has been earmarked to pay for deferrals of 25 percent in the pension fund, as well as earnings on pension contributions, among other things.