The former executive director of the defunct Commonwealth Casino Commission said that, if done right, a revived Saipan casino industry could generate around $100 million in revenue for the CNMI.
Andrew Yeom added that this figure does not include earnings from the proposed $1-million per casino license, the Business Gross Revenue Tax, and other related revenues five years after the mothballed casino industry is resurrected and driven by a shift away from a single exclusive license toward multiple operators.
He projected that at least three casino licensees could be operating by that time, based on existing investor interest and more practical requirements in the proposed amended law.
“Let's just say, [we] take a conservative approach. What if you make just $3 million a month per casino? And that's about $35 million a year per casino. And if you add up the three casinos, what do you get? Close to $100 million,” said Yeom. “So, that $100 million in five years in casino gaming revenue. To me, that's pretty acceptable. People say that sounds crazy, but that's pretty much what [Imperial Pacific International (CNMI) LLC] produced in one of their years,” he told Marianas Press.
In 2019—before the COVID-19 pandemic and after IPI stopped issuing high-risk junket credit—the exclusive casino licensee still generated about $90 million in gross gaming revenue, largely from mass-market play, according to Yeom.
He also argued that the proposed framework—lowering the annual license fee to $1 million, eliminating unrealistic construction and investment mandates, and replacing them with a gross gaming revenue tax capped at 15%—creates a sustainable model.
Under that system, government revenue would grow in proportion to casino performance, potentially yielding $15 million a year in gaming taxes alone if the $100-million projection is met, on top of license fees and hotel- and resort-related taxes.
He emphasized that multiple licenses reduce risk, encourage competition, and avoid repeating the failures of exclusivity, while positioning casinos as a key—but not sole—driver of tourism recovery, job creation, and nighttime economic activity in Garapan, which lately has been dubbed by media from the Marianas Visitors Authority’s main market of South Korea as a “ghost town.”
Yeom expressed support for legislative efforts to revive the casino industry, saying recent House and Senate gaming committee meetings were a positive step, but criticized the absence of experienced casino regulators following the abolition of the CCC by executive order.
“It kind of removed the experts from speaking on behalf of the bill. It's like calling upon a bunch of dentists in place of general surgeons. And they're asking questions about general surgery requirements and tactics and how the procedure is supposed to work. But the dentist cannot answer. It's just the nature of the game,” he said.
Yeom said the reconstitution of the CCC is essential for moving forward—not only to assist lawmakers in amending the law, but also to properly vet prospective investors. He said he would be open to returning as executive director or serving in another significant role if asked, stressing that experienced oversight is critical to avoid past mistakes.
“That was the first frustrating part for me to watch [the hearings], knowing that I could help clarify some of these answers better. Perhaps next time they call upon me, either the House or the Senate can call upon me to be over there to give them some clarifications.”
He also strongly endorsed ending casino exclusivity and allowing multiple licenses, saying reliance on a single operator left the Commonwealth vulnerable when IPI collapsed. He said exclusivity may have made sense during the pre-pandemic junket era, but it is no longer viable. He supported eliminating unrealistic requirements such as the $2-billion investment mandate, 2,000-room minimum, and $15-million annual license fee, calling them “pipe dreams” that deter investors.
Yeom also praised provisions allowing casinos to renovate existing hotels instead of building new resorts, citing the requirement of a $50-million renovation and at least 100 rooms as practical and attractive to investors. He said this could revive struggling properties such as former major hotels and even golf courses, transforming them into integrated resort destinations aligned with modern regional trends seen in Vietnam and the Philippines.
“I would love to see something like, let's say, [Banyan Tree Macau] being built in the heart of our island. That kind of niche market. But if we can't have that, well, certainly what is left of IPI, once it's finally completed, will be a beautiful five-star to six-star hotel casino resort. And if we don't have a Banyan Tree type of upscale resorts, we could [still] have casino resorts,” he said.
On Team King Investment, LLC, Yeom said the company’s decision to waive IPI’s exclusive license and apply for a new one was prudent, as acquiring the old license would have meant assuming massive debt.
To this end, he urged Gov. David M. Apatang to pursue a stipulated agreement with Team King Investment immediately, allowing the vetting process to begin in parallel with legislative amendments rather than waiting months longer, which he warned could delay recovery well into next year.
Addressing concerns raised by senators during a hearing last week, Yeom said the amended bill already gives a reconstituted CCC flexibility to require construction bonds, letters of credit, or other financial guarantees, noting that traditional construction bonds of hundreds of millions of dollars for casino investors are often impossible to secure in the CNMI. He said this approach aligns with other U.S. gaming jurisdictions.
Yeom also pushed back on concerns over internet gambling, saying federal law does not prohibit online gaming when it is authorized locally. He cited court rulings limiting the federal Wire Act to sports betting and said the Unlawful Internet Gambling Enforcement Act would not apply if CNMI law explicitly legalized such activity.
In the end, Yeom admitted that while a revived casino industry is not a cure-all, it would be a significant economic driver for the CNMI, helping revive tourism, restore nightlife in Garapan, create jobs, and stimulate surrounding businesses.
“We want to see more tourists. We want to see more air seats coming in. We need to make it happen by having these big business investors come in and making it a more attractive condition for air seats to be increased automatically. If there's a supply, there's a demand. It's just that instead of hoping and wishing they would come back, we need to make it happen. And we don't have to look too far—we have a casino right there!” he said.
Last October, Apatang and Lt. Gov. Dennis C. Mendiola sent a letter to the Legislature urging it to pass an administration-backed bill amending Public Law 18-56 to revive Saipan’s casino industry following IPI's default.
The letter warned of a projected $22.9-million revenue shortfall for Fiscal Year 2026, threatening pension payments, public services, and education funding. The administration stressed that swift legislative action is needed to stabilize public finances and drive economic recovery.
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