The Governor of the Commonwealth of the Northern Marianas Benigno Fitial says he regrets the loss of another Japanese investor, but is banking on the commitment of new investors to help revive the tourism industry.
The Marianas Variety newspaper reports the Governor was speaking during the inauguration of the Palms Resort Saipan, that was formerly the Japanese-owned Hotel Nikko Saipan.
Hotel Nikko was acquired by the United Micronesia Development Association Incorporated.
Fitial said the resort, under the management of its new owner, Kumho Asiana, is now embarking on a US$50 million improvement project.
The governor said the CNMI's tourism industry still holds promise, despite an exodus of Japanese investors and a significant drop in Japanese visitor numbers.