US territory of Northern Mariana Islands economy boosted by casinos resorts
According to data compiled by the US Commerce Department, the real gross domestic product (GDP) for the Commonwealth of the Northern Mariana Islands (CNMI) in 2016 was up almost 29% year-on-year basis, mainly prompted by the new casino on the main island of Saipan.
Analysts from the Bureau of Economic Analysis said exports of services, which includes the gaming industry under CNMI’s jurisdiction, was the largest contributor to the Pacific islands economy. These figures reflect significant growth in visitor spending, in particular on casino gambling, at the US Pacific territory.
An overall increase in tourists from South Korea and China bumped over 10% of the aggregate number of visitors during 2016.
However, it was not until July this year when the casino opened its doors to the public. In the meantime, the Hong Kong-listed listed Imperial Pacific International Holdings Ltd had been running a temporary gambling facility in Saipan.
In a January filing, the Chinese investment firm stated that the interim venue posted more than $30bn in VIP operations throughout 2016.
This data shows solid and positive development in comparison with 2015 – prior to the casino’s construction – when CNMI’s real GDP only recorded 3.8% growth rates. The department’s bureau concluded it reflects “real GDP as an indicator net of price changes in the underlying local economy”.
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