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Typhoon rebuild on U.S. territory Saipan hampered by casino woes
Source: Reuters
BUSINESS NEWS APRIL 15, 2019 / 8:04 PM / UPDATED AN HOUR AGO
Typhoon rebuild on U.S. territory Saipan hampered by casino woes
Farah Master
5 MIN READ
SAIPAN (Reuters) - More than six months after super typhoon Yutu battered Saipan, recovery efforts are making little traction with the government facing cash-flow problems as its once vaunted engine of growth – a Chinese-funded casino project - is mired in deep losses.
Hundreds of people remain in makeshift housing and some schools are teaching students in tents on the tiny Western Pacific island, a U.S. territory close to major U.S. military bases on Guam.
Saipan’s economy had been buoyed by Hong Kong-listed Imperial Pacific International Holdings’ casino since it opened as a temporary facility in 2015. The project has contributed to around 60 percent of government revenues through taxes and operating fees.
However, Imperial Pacific posted a record loss in 2018 due in part to massive uncollected debts, and is far from finishing its glitzy resort that was initially due to open two years ago.
-snip-
Typhoon rebuild on U.S. territory Saipan hampered by casino woes
Farah Master
5 MIN READ
SAIPAN (Reuters) - More than six months after super typhoon Yutu battered Saipan, recovery efforts are making little traction with the government facing cash-flow problems as its once vaunted engine of growth – a Chinese-funded casino project - is mired in deep losses.
Hundreds of people remain in makeshift housing and some schools are teaching students in tents on the tiny Western Pacific island, a U.S. territory close to major U.S. military bases on Guam.
Saipan’s economy had been buoyed by Hong Kong-listed Imperial Pacific International Holdings’ casino since it opened as a temporary facility in 2015. The project has contributed to around 60 percent of government revenues through taxes and operating fees.
However, Imperial Pacific posted a record loss in 2018 due in part to massive uncollected debts, and is far from finishing its glitzy resort that was initially due to open two years ago.
-snip-
Read more: https://www.reuters.com/article/us-saipan-economy/typhoon-rebuild-on-u-s-territory-saipan-hampered-by-casino-woes-idUSKCN1RS005