Saipan – In an effort to raise $300 million for the pension obligation bond to help the NMI Retirement, the administration of Gov. Eloy S. Inos wants to place as much as 200 video lottery terminals in selected hotels on Saipan.
The Saipan Tribune reports that according to the Inos administration unlike electronic gaming and the Saipan casino bills, Commonwealth law and regulations allow video lottery gaming on Saipan.
Video lottery refers to a system in which players wager on machines in which winners are chosen based on random selection done by computer.
The Inos administration also said that, unlike other gaming activities, video lottery by its nature requires the direct operation by the state as it is an extension of state authority.
Inos yesterday signed the POB authorization bill into law, which now authorizes the Commonwealth Development Authority to issue pension obligation bonds of up to $300 million on behalf of the CNMI to pay the government’s obligation to the Fund.