Saipan – The Saipan casino bill was signed into law by Gov. Eloy S. Inos last Friday, paving the way for the legalization of casino operations on all three main islands of the CNMI.
Inos, the Saipan Tribune reports, announced the signing of the controversial measure at yesterday’s Republican Party kickoff rally.
With the bill’s signing, he assured retirees that their 25 percent pension cut will be restored “within 90 days,” drawing cheers and applause from the crowd of hundreds.
Inos added that a bill amending the new law will be introduced as early as this week to address concerns about some problematic sections of the new statute.
But the 25 percent pension cut’s restoration, along with payments of other NMI Retirement Fund obligations such as payment of withheld interest of withdrawn contributions, will still depend on whether or not a casino investor pays a $1 million nonrefundable application, and makes $30 million in partial exclusive casino license fee payment soon. The amendment bill changes some of the major timelines.