Rota casino officials deny conflict of interest
Thursday, 24 December 2009 00:00 By Junhan B. Todeno - Reporter
MEMBERS of the Rota Casino Gaming Commission are not offering their properties to a prospective investor, its Secretary Justin S. Manglona said.
He said none of them have personal interests in the casino business.
A Rota resident told the Variety that the casino commissioners were “racing against each other” to get the prospective investor’s approval regarding the site for a new hotel.
One investor, according to the resident, who refused to be identified, chose the prime lots between Songsong and Sinapalo.
But the commission, he said, offered another site located on one of the commissioners’ properties.
“There’s no such thing like that. We are professionals in the commission,” Manglona said.
He said the commission hasn’t heard any complaint from residents.
The commission, he added, will not be influenced by its members in choosing the lot for the site of a casino hotel.
This month, three prospective casino investors picked up application forms, one of which has already been submitted to the commission, Manglona said.
It will take at least a month for the commission to evaluate the application to determine whether it is in compliance with regulations, he added.
Showing posts with label Investors. Show all posts
Showing posts with label Investors. Show all posts
Thursday, December 24, 2009
Monday, October 20, 2008
South Korea Economic Woes Affect Guam
Investment slides: South Korea economic woes affect Guam
By Steve Limtiaco
Pacific Daily News
October 21, 2008
The South Korean economy has been struggling -- the value of the Korean won compared to the U.S. dollar has dropped 30 percent this year and the country's main stock index has dropped 38 percent.
Those struggles have had an effect here, where Korean investment is important to real estate development and Korean visitors represent the second largest tourism market.
For Guam residents, Korea's troubles and the pending military buildup could make it more expensive to rent or to buy a home. That's because the island needs thousands of new homes to accommodate the buildup, and foreign investment to build them.
The decline in the won's value also has put a stop to what had been steady gains in Korean tourist arrivals, according to the Guam Visitors Bureau.
According to Pacific Daily News files, Guam needs to build about 5,573 units between now and 2013, or about 1,115 new units per year. That's in addition to homes the military will build for its personnel and their dependents.
By 2014, the military plans to transfer 8,000 U.S. Marines, and their dependents, from Okinawa to a new base in Dededo, increasing the island's population by about 42,000, and creating a housing demand. There also are other projects to expand the military's presence here at the Navy and Air Force installations, and the Army plans to build a ballistic missile defense facility.
The overall cost of the military buildup is expected to be about $20 billion.
Guam relies heavily on foreign investment to develop island real estate.
"The Korean market was probably one of the most importance sources of foreign investment funds in 2007," said Nick Captain, president of the Captain Real Estate Group.
He said the slowdown in the Korean economy has caused an "almost near elimination of foreign investment coming from Korea now."
Koreans in 2007 invested about $1.2 billion in foreign real estate, but are on pace to invest only $600 million this year, according to statistics gathered by Captain.
Captain said the decline in Korean investment will affect some large development projects on Guam as well as the market for land. He said a number of Korean-funded real estate projects here, "have taken a back seat or put on indefinite hold." Captain said he couldn't comment on the specific projects.
Captain last month told the Rotary Club of Tumon Bay that the sale of high-end homes -- those costing $500,000 or more -- has suffered because developers were counting on Koreans to buy them. Only five of those homes sold during the first half of this year, he said, with dozens more on the market but unsold.
Tourism
Tourist arrivals from Korea had been growing during the past several years, by as much as 5.5 percent per year, said Gerald Perez, general manager of the Guam Visitors Bureau.
Arrivals are now down about 5 percent for the year.
"I can say for sure that the Korean economy, particularly with respect to the won versus the dollar, has played a big impact," Perez said.
The decline in the value of the won means Korean visitors now get less value for their money, he said.
"The problem is the Korean won just within the last month was 950 (to the dollar). Now it's running 1,450 (to the dollar)," Perez said.
Despite the overall decline, Perez said this should be a good month for Korean tourist arrivals -- about 22 percent higher than last October -- because several "incentive" trips are scheduled to happen this month. Those are trips or seminars given as performance rewards.
By Steve Limtiaco
Pacific Daily News
October 21, 2008
The South Korean economy has been struggling -- the value of the Korean won compared to the U.S. dollar has dropped 30 percent this year and the country's main stock index has dropped 38 percent.
Those struggles have had an effect here, where Korean investment is important to real estate development and Korean visitors represent the second largest tourism market.
For Guam residents, Korea's troubles and the pending military buildup could make it more expensive to rent or to buy a home. That's because the island needs thousands of new homes to accommodate the buildup, and foreign investment to build them.
The decline in the won's value also has put a stop to what had been steady gains in Korean tourist arrivals, according to the Guam Visitors Bureau.
According to Pacific Daily News files, Guam needs to build about 5,573 units between now and 2013, or about 1,115 new units per year. That's in addition to homes the military will build for its personnel and their dependents.
By 2014, the military plans to transfer 8,000 U.S. Marines, and their dependents, from Okinawa to a new base in Dededo, increasing the island's population by about 42,000, and creating a housing demand. There also are other projects to expand the military's presence here at the Navy and Air Force installations, and the Army plans to build a ballistic missile defense facility.
The overall cost of the military buildup is expected to be about $20 billion.
Guam relies heavily on foreign investment to develop island real estate.
"The Korean market was probably one of the most importance sources of foreign investment funds in 2007," said Nick Captain, president of the Captain Real Estate Group.
He said the slowdown in the Korean economy has caused an "almost near elimination of foreign investment coming from Korea now."
Koreans in 2007 invested about $1.2 billion in foreign real estate, but are on pace to invest only $600 million this year, according to statistics gathered by Captain.
Captain said the decline in Korean investment will affect some large development projects on Guam as well as the market for land. He said a number of Korean-funded real estate projects here, "have taken a back seat or put on indefinite hold." Captain said he couldn't comment on the specific projects.
Captain last month told the Rotary Club of Tumon Bay that the sale of high-end homes -- those costing $500,000 or more -- has suffered because developers were counting on Koreans to buy them. Only five of those homes sold during the first half of this year, he said, with dozens more on the market but unsold.
Tourism
Tourist arrivals from Korea had been growing during the past several years, by as much as 5.5 percent per year, said Gerald Perez, general manager of the Guam Visitors Bureau.
Arrivals are now down about 5 percent for the year.
"I can say for sure that the Korean economy, particularly with respect to the won versus the dollar, has played a big impact," Perez said.
The decline in the value of the won means Korean visitors now get less value for their money, he said.
"The problem is the Korean won just within the last month was 950 (to the dollar). Now it's running 1,450 (to the dollar)," Perez said.
Despite the overall decline, Perez said this should be a good month for Korean tourist arrivals -- about 22 percent higher than last October -- because several "incentive" trips are scheduled to happen this month. Those are trips or seminars given as performance rewards.
Friday, September 26, 2008
Thursday, February 07, 2008
Guam Industry Forum II
Master plan, Guam Industry Forum II on track
by Clynt Ridgell
KUAM News
Thursday, February 07, 2008
Joint Guam Program Office director David Bice is back on island. And part of his itinerary being a trip here to our Harmon studios, during which time he gave an update on the Guam Military Master Plan, the Guam Industry Forum, and the potential affects of the U.S. courts decision on the Futenma Replacement Facility in Okinawa.
Bice says the draft military master plan for Guam, one of the most eagerly anticipated documents in recent history, should be completed by next month. "We expect the draft master plan to be completed and released in March timeframe," he confirmed. Coincidentally at that time will be the second Guam Industry Forum. The retired Marine Corps major general says there are already 800 people registered for this forum that takes place on the 6th, 7th and 8th of March.
Last year's forum lasted only two days, but this year there will be an extra day to allow businesses to have one on one time with members of the Naval Engineering Facilities Command. "[The] last time a lot of businesses asked if they could have a chance to have one-on-one's with contracting agencies, and NAVFAC, and they've asked also to be able to meet with me and my staff," he continued.
Bice expects this year's forum to be even bigger and better than the previous event, saying, "Last year we had two hotels and we have a third hotel on standby that we can bring that into."
He's currently meeting with Government of Guam planners and utility officials to figure out ways to address ways the island can increase the capacity of it's infrastructure to meet the demands of the military buildup. JGPO is also currently narrowing their preferred alternatives for land use, Bice adding, "We want to start sitting down with Tony Lamorena at the planning department and talk about compatible land use so that the military activities don't spill onto the civilian community and vice-versa."
Bice also spoke about the status of the Futenma Replacement Facility in Japan. A federal judge ordered the Department of Defense to submit within three months documents describing its plans to assess the project's effects on the dugong and develop ways to lessen its impact. Bice says that both the DOD legal team and Japanese officials are working on complying with the court, adding that the land of the riding [sic] sun is conducting its own environmental impact assessment that may satisfy the U.S. court.
Although he admits that there is a direct connection between the construction of the Futenma facility and the movement of U.S. Marines to Guam, Bice doesn't believe that this will slow the movement of troops locally. Said Bice, "I know that the government of Japan is committed to ensuring that the FRF is constructed in a timeline that is agreed to so that the movement of marines from Okinawa to Guam can continue without delay or disruption."
The U.S. General Accountability Office describes the Futenma facility as a "critical component", one which could delay the troop relocation.
by Clynt Ridgell
KUAM News
Thursday, February 07, 2008
Joint Guam Program Office director David Bice is back on island. And part of his itinerary being a trip here to our Harmon studios, during which time he gave an update on the Guam Military Master Plan, the Guam Industry Forum, and the potential affects of the U.S. courts decision on the Futenma Replacement Facility in Okinawa.
Bice says the draft military master plan for Guam, one of the most eagerly anticipated documents in recent history, should be completed by next month. "We expect the draft master plan to be completed and released in March timeframe," he confirmed. Coincidentally at that time will be the second Guam Industry Forum. The retired Marine Corps major general says there are already 800 people registered for this forum that takes place on the 6th, 7th and 8th of March.
Last year's forum lasted only two days, but this year there will be an extra day to allow businesses to have one on one time with members of the Naval Engineering Facilities Command. "[The] last time a lot of businesses asked if they could have a chance to have one-on-one's with contracting agencies, and NAVFAC, and they've asked also to be able to meet with me and my staff," he continued.
Bice expects this year's forum to be even bigger and better than the previous event, saying, "Last year we had two hotels and we have a third hotel on standby that we can bring that into."
He's currently meeting with Government of Guam planners and utility officials to figure out ways to address ways the island can increase the capacity of it's infrastructure to meet the demands of the military buildup. JGPO is also currently narrowing their preferred alternatives for land use, Bice adding, "We want to start sitting down with Tony Lamorena at the planning department and talk about compatible land use so that the military activities don't spill onto the civilian community and vice-versa."
Bice also spoke about the status of the Futenma Replacement Facility in Japan. A federal judge ordered the Department of Defense to submit within three months documents describing its plans to assess the project's effects on the dugong and develop ways to lessen its impact. Bice says that both the DOD legal team and Japanese officials are working on complying with the court, adding that the land of the riding [sic] sun is conducting its own environmental impact assessment that may satisfy the U.S. court.
Although he admits that there is a direct connection between the construction of the Futenma facility and the movement of U.S. Marines to Guam, Bice doesn't believe that this will slow the movement of troops locally. Said Bice, "I know that the government of Japan is committed to ensuring that the FRF is constructed in a timeline that is agreed to so that the movement of marines from Okinawa to Guam can continue without delay or disruption."
The U.S. General Accountability Office describes the Futenma facility as a "critical component", one which could delay the troop relocation.
Wednesday, May 30, 2007
Guam's Billion Dollar Road
$1.25B road project detailed
Proposed highway would cut through Manengon
By Gaynor Dumat-ol Daleno
Pacific Daily News
gdumat-ol@guampdn.com
May 31, 2007
Guam's future billion-dollar highway, which is a piece of the military buildup puzzle, likely will run across largely undeveloped hills and valleys of Chalan Pago, Yona and Piti, according to a tentative map from the Navy.
If the idea evolves into an adopted plan, the highway would start near the point where Routes 10 and 4 meet in Chalan Pago, according to a Department of the Navy Guam planning document, which was still at an early stage and was labeled "notional."
The $1.25 billion highway would provide the military with an alternative access that links Andersen Air Force Base in northern Guam and the Navy base on the southern side of the island.
The Air Force and Navy bases use Marine Corps Drive for a main link, but the road has had a history of gridlock during serious accidents.
In May 2006, Air Force Lt. Gen. Daniel Leaf, deputy commander of U.S. Pacific Command, said in an interview that when the island's military population grows significantly, the highway would be needed to "move both people, supplies and equipment from north to south, south to north on the island, whether it's for training or to deploy out of the harbor."
"And we want to do that with minimal impact on the community and expeditiously. The current road structure doesn't really allow for that very well. So that's an area we believe we'll have to invest in," Leaf said.
The largest chunk of the $15 billion military buildup on Guam involves building housing, training and other facilities for the 8,352 members of the U.S. Marines and about 9,000 dependents who must relocate from Okinawa to Guam by 2014.
The Marines' move to Guam is expected to cost about $10 billion, of which $6 billion will be paid by Japan.
The 3rd Marine Expeditionary Force is moving out of Okinawa as part of the U.S.-Japan agreement aimed at beefing up security in the region and consolidating U.S. military installations in Japan to free up land for return to the Japanese.
But while Japan is helping to pay for the Marines' relocation, such as for barracks and "quality-of-life" facilities, the highway project is expected to be 100 percent funded by American taxpayers, according to an itemized list of cost sharing between Japan and the U.S.
Real property values soaring
The anticipation of local economic growth stemming from the military buildup already has sent the values of Guam homes, condominium units and land parcels soaring.
"I am amazed at how much the island has already benefited from the initial phases of the buildup," said Guam Delegate Madeleine Bordallo, in a speech to the Guam Chamber of Commerce yesterday.
She mentioned that in some cases, real property values have increased 300 percent over the past few years.
"The economic investment I see here on Guam will eclipse the boom we experienced in the '80s," she said, of the era when Guam was a magnet for Japanese investors who financed construction of many Guam hotels.
"Rising property values means equity for the residents of Guam and that translates into wealth," she said.
The congresswoman's speech did not mention the $1.25 billion highway project, but she said that even before the Marine-related construction kicks in, the military buildup has begun.
The fiscal 2008 defense spending bill includes $300 million in military construction projects for Guam. The bill has passed the House, and it will work out a version that will also be acceptable to the Senate.
Fiscal 2009 funding for military projects on Guam will hover around $500 million, and more than $1 billion a year starting in 2010, Bordallo said.
Investments
For Guam investors who are planning to buy land in areas near the future billion-dollar road project, they can do so now, but their investments might not turn profits any time soon.
While the construction project for the Marines' relocation is expected to begin three years from now, or around July 2010, the road project will start years further into the buildup, according to a military time line.
The military highway construction might start in the fifth year into the buildup, or around 2015, based on the preliminary time line.
But before any of the major buildup construction projects can begin, environmental impact assessments must be completed.
That process could take about two years, according to a military estimate
Proposed highway would cut through Manengon
By Gaynor Dumat-ol Daleno
Pacific Daily News
gdumat-ol@guampdn.com
May 31, 2007
Guam's future billion-dollar highway, which is a piece of the military buildup puzzle, likely will run across largely undeveloped hills and valleys of Chalan Pago, Yona and Piti, according to a tentative map from the Navy.
If the idea evolves into an adopted plan, the highway would start near the point where Routes 10 and 4 meet in Chalan Pago, according to a Department of the Navy Guam planning document, which was still at an early stage and was labeled "notional."
The $1.25 billion highway would provide the military with an alternative access that links Andersen Air Force Base in northern Guam and the Navy base on the southern side of the island.
The Air Force and Navy bases use Marine Corps Drive for a main link, but the road has had a history of gridlock during serious accidents.
In May 2006, Air Force Lt. Gen. Daniel Leaf, deputy commander of U.S. Pacific Command, said in an interview that when the island's military population grows significantly, the highway would be needed to "move both people, supplies and equipment from north to south, south to north on the island, whether it's for training or to deploy out of the harbor."
"And we want to do that with minimal impact on the community and expeditiously. The current road structure doesn't really allow for that very well. So that's an area we believe we'll have to invest in," Leaf said.
The largest chunk of the $15 billion military buildup on Guam involves building housing, training and other facilities for the 8,352 members of the U.S. Marines and about 9,000 dependents who must relocate from Okinawa to Guam by 2014.
The Marines' move to Guam is expected to cost about $10 billion, of which $6 billion will be paid by Japan.
The 3rd Marine Expeditionary Force is moving out of Okinawa as part of the U.S.-Japan agreement aimed at beefing up security in the region and consolidating U.S. military installations in Japan to free up land for return to the Japanese.
But while Japan is helping to pay for the Marines' relocation, such as for barracks and "quality-of-life" facilities, the highway project is expected to be 100 percent funded by American taxpayers, according to an itemized list of cost sharing between Japan and the U.S.
Real property values soaring
The anticipation of local economic growth stemming from the military buildup already has sent the values of Guam homes, condominium units and land parcels soaring.
"I am amazed at how much the island has already benefited from the initial phases of the buildup," said Guam Delegate Madeleine Bordallo, in a speech to the Guam Chamber of Commerce yesterday.
She mentioned that in some cases, real property values have increased 300 percent over the past few years.
"The economic investment I see here on Guam will eclipse the boom we experienced in the '80s," she said, of the era when Guam was a magnet for Japanese investors who financed construction of many Guam hotels.
"Rising property values means equity for the residents of Guam and that translates into wealth," she said.
The congresswoman's speech did not mention the $1.25 billion highway project, but she said that even before the Marine-related construction kicks in, the military buildup has begun.
The fiscal 2008 defense spending bill includes $300 million in military construction projects for Guam. The bill has passed the House, and it will work out a version that will also be acceptable to the Senate.
Fiscal 2009 funding for military projects on Guam will hover around $500 million, and more than $1 billion a year starting in 2010, Bordallo said.
Investments
For Guam investors who are planning to buy land in areas near the future billion-dollar road project, they can do so now, but their investments might not turn profits any time soon.
While the construction project for the Marines' relocation is expected to begin three years from now, or around July 2010, the road project will start years further into the buildup, according to a military time line.
The military highway construction might start in the fifth year into the buildup, or around 2015, based on the preliminary time line.
But before any of the major buildup construction projects can begin, environmental impact assessments must be completed.
That process could take about two years, according to a military estimate
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