The Commonwealth Casino Commission for the Commonwealth Of The Northern Mariana Islands has predicted that it will pay out at least $33.6 million in tax over the next fiscal year from VIP gamblers at casinos on the island of Saipan.
The forecast followed a written inquiry from Antonio Sablan, an unaffiliated member of the US territory’s House Of Representatives, so that his body could better set a budget and “know the amount of funds available for appropriation”. The representative also asked to be provided with the amount of funds presently available for appropriation while the Commonwealth Casino Commission noted that its figures did not yet include projected revenues from mass market slot or table gaming.
In its prediction, the Commonwealth Casino Commission explained that the island’s VIP casino gamblers were turning over about $2 billion a month with a hold of around 2.8%. Based on the previous seven months, this would see casinos bring in about $56 million a month over the next fiscal year while the 5% tax would see the annual figure for the government stand at about $33.6 million.
“This projection is considered conservative as the formula used in the calculations factored the gross gaming revenue tax only from VIP casino operations,” read the reply from Joseph Reyes, Acting Chair for the Commonwealth Casino Commission. “The business gross revenue tax/gross gaming revenue tax from mass gaming tables, slot machines, the Noodle Restaurant and the casino bar are not included in the rolling chip calculations.”
Reyes wrote that exclusion of these mass market revenues from the government’s anticipated pot of cash could be used to “cover any unforeseen reduction in gaming activities” while predicting a rise in the amount of VIP revenues Saipan’s casinos process as the “casino industry continues to prosper”.
Editors note: The vast majority of tax revenues will come from the Best Sunshine Live temporary casino in Garapan, which in less than a year has risen to rank #4 in the world for rolling chip revenue.