Guam to borrow $52 million to upgrade, expand tourism

Published on : Thursday, August 31, 2017

GuamGuam Visitors Bureau board vice chairman Monte Mesa informed that a proposal to borrow about $52 million to upgrade visitor facilities as well as expand the tourism experience is in the process.

 
Mesa mentioned the tourism redevelopment plan during the Guam Chamber of Commerce’s general membership meeting Wednesday.

 
Repayment of the proposed loan would come from the Hotel Occupancy Tax, he said.

 
“We’ve been studying this to really upgrade our facilities, especially in the Tumon Bay, also in other locations outside of Tumon, to include developments down in Inarajan, in Umatac and in Mount Lamlam and other scenic tourist destinations, like Marbo Cave, where people are going to and it’s unsafe. And we need to make it safe for people to access these highlights of our island sites,” said Mesa, who is also general manager of Guam Premier Outlets and board director of the Guam Economic Development Authority.

 
Mesa, during Wednesday’s general membership meeting, asked visiting speaker Sen. Mike San Nicolas whether he’d support new bond borrowing if it’s for tourism. San Nicolas said Guam has a bad track record when it comes to borrowing, with the return on the investment not necessarily higher than the cost of borrowing.

 
He said the tourism bond borrowing bill will be introduced soon, and that the bureau is working with Sen. Dennis Rodriguez, tourism committee chairman on the measure.

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