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LandT Closes Down In Saipan

LandT Amusement in Saipan will be shutting down all its 144 poker machines in the CNMI by December after two decades in the business. LandT Vice President for Finance Eli Arago said that the management has made up its mind to let go of the business because of dwindling sales and the rising cost of doing business.

"It's a losing business. We continue to lose over the years as a result of too much competition and the current economic slowdown," said Arago. He added that "the playing field is not level."

"Some operators are not paying the correct taxes. We are paying taxes based on the law but some are getting away with it," he said. Arago also said that there are already too many competitors in the market. "The pie is getting smaller and smaller," he said.

LandT is one of the pioneering companies for video poker in the mid-80's, having some 400 machines at the peak of its operations. Today, the company has 144 machines remaining which mostly operate under the name Fun and Games. Of this number, 108 are in Saipan, 24 are on Rota, while 12 are on Tinian.

The closure of LandT translates to some $1.6 million in loss of license fees a year to the government.

$12,000 is paid by poker operators for each machine as annual license fee in Saipan, while $10,000 is paid on Rota and Tinian.

"We will continue operations only up to the end of the year. All operations will cease by January next year," said Arago.

Arago said that LandT currently has 44 employees. The employees have already been made aware of the company's decision.

"We have fully communicated with the employees. We are deeply saddened to bring them that news, but it's the reality," said Arago.

 

November 08, 2006
Brian Nelson

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