Who is leading the technology race?
There have been tremendous raves leading to a technological insanity. If you invested in tech stock in the early months of 1999 or prior, you have invested well.
Technology and internet services took precedence in 1999, stampeding to the top of motivated stocks for the year. It seemed like there was no end to new creative gismos and programs ranging from improved digital cameras, writable cd-roms, and palm pilots, to mp3 sound files, and online TV and radio. All technology companies were in a race to hopefully brand their existence as the leader of advance technology in the new millennium. It seems like every business of sorts are stamping ".com" behind their names. Alan Greenspan raised a warning to investors at every opportunity about the overrating of most internet and technology stock.
But, the technology race kept going, and the stock kept climbing to record highs.
Stepping into the year two thousand, technology stock eventually slowed in investments, but that did not slow production. You may wonder why. It could be that the big boys, like Microsoft, Intel, Macintosh, and the new kid on the block, Mass Media Group, have learned that technology and entertainment are an infallible union.
This may lead consumers to greater expense in keeping stride with what may be the largest entertainment/technology boom in history. And who could be our gilded goose laying the golden eggs? None other than the Sony Corporation.
Sony, with its launch and future expectations for Play Station 2, is daring to set a new standard and pace for the games industry that may boldly step into the PC arena, along with e-commerce, including the movie and music industry.
At $350, the Sony Play Station 2 was released for sale in Japan. Within hours, all stores were sold out of the new game console. Sony is hoping this is only the prelude to what may come this fall when the Play Station 2 is launched in the U.S.
The big "Bull Market" is getting antsy about a very bold move by Sony that could either be a great success or a complete disaster.
This is important to know. The Play Station 2 is more than just your main-aim game player. Play Station 2 has the ability to function as a gamer, plus CD and DVD player, while also providing e-commerce, word processing, web surfing, and email.
Sony has made the PS2 with compatible connectors to cable television, video players, digital cameras, printers, keyboard, mouse, and internet capability. This means you can do it all– everything that you presently do with your desktop PC, and more, with this one game console.
It threatens to recruit many average PC users into a newer and faster way of surfing the net, download large media files, and games.
For game goers, the PS2 has the capability to take the gamer into the Internet playing field, where they can enter challenge games against opponents from all over the world.
The PS2, holding a self-contained 8MB memory card, brings an end to limited, easy to lose, memory cards needed for the first generation Play Station. The gamer will be able to download and store new games to play from Sony's website.
The gamer can store their last position in several games and return to it later without worry of allotted spaces. Most gamers probably wish they had this feature to help them through Final Fantasy VIII. Well not to worry for some of you still stuck on disc three. The Play Station 2 is compatible with all first generation Play Station games. The list seems to go on with many other possible features Play Station 2 has in stored for the user.
The catch, dimming the eye of investors, is the delay in online connections that would provide almost half of Play Station 2's other features.
Investors fear this may later confuse the market, and prove to be too costly for consumers to see the other features and necessary adapters as a worthwhile purchase. Also, with a built-in DVD player, investors estimate that Sony is losing $200 per console. They also consider the competition, Sega Dreamcast, affordable, with online connection, as a worthy adversary that may buck Sony out of the drivers seat. Sony intends to hold off on placing these additional connectors on the market until next year in wait of increase expansion to broadband digital networks. They explain, with the current phone lines available, downloads and e-commerce will be a very slow process, and will only frustrate consumers. In all, investment advisors are unnerved by this tactic. There is a fear that Sony will be left behind, risking millions of dollars on a long-term plan with a high risk for failure.
In the eye of the big-money, middle-aged to older investors, one can understand their concern. But they should ask themselves if they have a teenager or a grandchild at home playing on a Sony game console right now.
In the eye of the new generation gamer and consumer, the Play Station 2, backed with a whopping **128-bit** Emotion Engine, almost three times as powerful as the Pentiums used in current PCs, an 8MB memory card for a multipurpose use of storage, music CD and DVD compatible use, professional Dolby sound ports, with the greatest imaging and movie-like CG graphics available today, with compatible use of all Play Station first generation
games, and other PC compatible connections, which converts the PS2 into a mini PC, with five times less the cost of the current DVD PCs, and six times less the space, this is already the ultimate entertainment package.
View this site to learn more about Sony's online game venture that will offer special premier games, and some games that will only be available online, but well within reach of the powerful Play Station 2.
www.zdnet.com
It is very unlikely that the Sony Corporation, the first company to introduce the walk-man, would venture into a project they were uncertain would turn a profit.
Sony is a pioneer in their own right. They must be serious about the future of the Play Station 2 to purchase a company that distributes almost a third of the world's broadband digital networks.
Investors should not act hastily and watch Sony Corporation's progress. Sony may also use Japanese animation to sensationalize their games. This is something Sony presently has over their competitors.
Japanese animation has been the key ingredient to the Pokemon merchandise craze. Investors should always consider future Sony projects with present progress. Sony will be launching a new series of games. The most popular game, Final Fantasy 8, will be met by the reversion series Final Fantasy IX, X, XI, and XII.
They may meet a radical success with the release of the complete theatrical CG animation, Final Fantasy: The Movie, to come to theaters in 2001.
Preliminary clips of the animation in production show the CG graphics to be just as good as the scenes viewed in Final Fantasy VIII Play Station game.
Animated movies of other similar projects are soon to follow. You can probably be assured that any animation released into theaters or television by Sony will be derived from an existing or future Sony game. It may soon become common practice, and competitors may follow the trend.
The techno race would not be a race without competitors. It seemed like Sony and Sega were the only companies challenging each other. But, Micro Soft is coming up from behind with their launch of their own game console presently known as the "X-Box." Micro Soft previews it Friday, March 10th.
The game console is set to be out on the market in the year 2001. This should be closely looked at in comparison to Sony's Play Station 2, and how it may rival both Sony and Sega. A follow story on this development will eventually follow.
Editor's note: If you have any questions you can direct them to B. Bradshaw by sending them to source@viaccess.net. Please label your subject 'New Gene
ration.'
PSC LOWERS COMING INCREASE IN ELECTRIC BILLS
Water and Power Authority customers will see increases in their electric bills April 1, but the Public Services Commission has softened the blow a bit by restricting the percentage they'll go up for now.
The PSC agreed to let the utility raise rates by 17 percent for residential customers instead of the 23 percent that WAPA had projected, and by 14 percent for commercial customers and 19 percent for large-scale users. The increases will extend over nine months and split the increased cost of oil between WAPA and its consumers.
The average residential electric bill will go up $10.37 a month for residential customers, $28.08 for commercial users and $523.21 for large power users.
PSC investigative consultant Anthony Zarillo had advised the commission against the $14 average monthly household increase WAPA cited in a press release Friday.
Zarillo, in his report on the utility's "levelized energy adjustment," a surcharge linked to world market fuel costs that the PSC first permitted WAPA to add onto bills in 1981, warned against action that could produce "rate shock" among consumers.
The surcharge rate is adjusted every six months. With oil prices soaring, WAPA representatives said, it is sure to go up again in July. But they said that between now and then they will seek to prepare a recovery plan.
Each revision of the surcharge is supposed to balance projected oil costs for the six months to come with any over- or undercharging versus actual fuel costs for the previous six months.
Because of cost increases that have not been passed on to customers in the last year, WAPA authorities said, the utility's under-collecting will reach almost $12 million by the end of March. The surcharge adjustment approved by the PSC last October was based on an oil cost projection of $21.75 per barrel. The price is now about $30 a barrel.
Glenn Rothgeb, WAPA assistant executive director, acknowledged he had misjudged the price climb. He said he doesn't expect oil prices to go down any time in the near future, either. Even with the coming bill increases, he said, WAPA is "just treading water."
WAPA has been losing about $1 million a month since January and will probably need to borrow money to keep going, said it chief financial officer, Terry Drake.
Zarillo said consumers should not expect any relief until fall at the earliest, even if the Organization of Petroleum Exporting Countries increases the oil supply.
Both WAPA officials and PSC members expressed concern about how the increase will affect those on fixed incomes and small businesses. Commission member Desmond Maynard said, "I shudder to think what kind of reaction we're going to get in the community."
The choices, Zarillo said, are "either pay now, or pay later."
The PSC agreed to let the utility raise rates by 17 percent for residential customers instead of the 23 percent that WAPA had projected, and by 14 percent for commercial customers and 19 percent for large-scale users. The increases will extend over nine months and split the increased cost of oil between WAPA and its consumers.
The average residential electric bill will go up $10.37 a month for residential customers, $28.08 for commercial users and $523.21 for large power users.
PSC investigative consultant Anthony Zarillo had advised the commission against the $14 average monthly household increase WAPA cited in a press release Friday.
Zarillo, in his report on the utility's "levelized energy adjustment," a surcharge linked to world market fuel costs that the PSC first permitted WAPA to add onto bills in 1981, warned against action that could produce "rate shock" among consumers.
The surcharge rate is adjusted every six months. With oil prices soaring, WAPA representatives said, it is sure to go up again in July. But they said that between now and then they will seek to prepare a recovery plan.
Each revision of the surcharge is supposed to balance projected oil costs for the six months to come with any over- or undercharging versus actual fuel costs for the previous six months.
Because of cost increases that have not been passed on to customers in the last year, WAPA authorities said, the utility's under-collecting will reach almost $12 million by the end of March. The surcharge adjustment approved by the PSC last October was based on an oil cost projection of $21.75 per barrel. The price is now about $30 a barrel.
Glenn Rothgeb, WAPA assistant executive director, acknowledged he had misjudged the price climb. He said he doesn't expect oil prices to go down any time in the near future, either. Even with the coming bill increases, he said, WAPA is "just treading water."
WAPA has been losing about $1 million a month since January and will probably need to borrow money to keep going, said it chief financial officer, Terry Drake.
Zarillo said consumers should not expect any relief until fall at the earliest, even if the Organization of Petroleum Exporting Countries increases the oil supply.
Both WAPA officials and PSC members expressed concern about how the increase will affect those on fixed incomes and small businesses. Commission member Desmond Maynard said, "I shudder to think what kind of reaction we're going to get in the community."
The choices, Zarillo said, are "either pay now, or pay later."
GOVERNOR PROMISES 'PUBLIC AIRING' ON WAPA SALE
Gov. Charles Turnbull said Tuesday that he will disclose details of Southern Energy's proposal to purchase parts of the V.I. Water and Power Authority before the deal is sent to the Legislature.
Turnbull said he was presently reviewing the proposal presented to him by his negotiating team.
The governor had come under strong criticism for negotiating with Southern Engery behind closed doors.
In another matter, Turnbull left no question as to his opinion on the Ritz-Carlton's proposed development.
"We cannot continue to chase away investors," he said. "There are some in the Legislature and elsewhere who oppose this development. It boggles the mind."
He noted that the hotel chain is rated number one in the Americas, and said the opposition to the development "has to stop – we are killing the goose that laid the golden egg."
He said is going over documents to facilitate the project and sees no reason it should not proceed.
While the governor touched on many subjects in his talk, which was broadcast on several radio stations, some critical concerns stood out. One is the ongoing matter of the Hurricane Hugo Federal Emergency Management Agency loan. Turnbull said he met with James Lee Witt, head of FEMA, and requested a cancellation of the loan.
President Clinton's budget for Fiscal Year 2001, Turnbull said, provides for suspension of payments until Sept. 30, 2001. He said he requested FEMA and Jacob Lew, director of the Office of Management and Budget, to use the Federal Credit Reform Act as a basis for the cancellation of the remainder of the Hugo loan.
Another current territorial crisis is the confiscation of cigarettes marked "for export only" from tourists leaving the V.I. This represents a loss of millions of dollars to the territory.
Turnbull said he had written to Raymond Kelly, commissioner of Customs, and to the U.S. Treasury Department, to direct customs agents to halt the confiscation process. He is awaiting a response. Meanwhile, he said, officials are tackling the problem from another angle. Delegate Donna Christian-Christensen and Congressman Charles Rangel (D-N.Y.) will introduce a technical amendment to provide for the legal exemption of duty-free cigarettes.
Referring to the workers'compensation matters that came up in the Senate Monday, the governor defended Finance Commissioner Bernice Turnbull, saying the money transfers discussed then were not "illegal." He said they were, rather, "humanitarian." He plans to discuss he matter with the legislature in a scheduled meeting on Thursday.
Commissioner Turnbull surprised senators Monday by telling them she had issued $400,000 in worker's compensation payments by tapping into other government funds, which senators said was illegal.
The governor began the news conference, held at Government House, by declaring, "Education is the territory's top priority." On his recent trip to Washington to attend the National Governors' Association Conference, he said, all governors agreed that in every state and territory, including the Virgin Islands, education of children is the top priority, and that federal funding is needed.
"Although the territory's fiscal crisis is very severe, special attention must be given to education," said Turnbull. He asked other groups "who are due better things from the government," to be understanding. Children, he said, must be given access to the Internet, along with a good, basic education. He promised to "announce special initiatives geared to improving our educational system in the weeks ahead."
In other matters, the governor said he had:
– Met with Dept. of the Interior officials to include in the president's budget a $9.2 million grant for the Environmental Protection Agency to address the critical needs of the territory's sewage system.
– Discussed the Department of Public Works State of Emergency. He said he had directed any department whose participation is required in the procurement process to cooperate, and give Public Works what it needs to repair the territory's sewage system. He also said he requested $2.7 million in federal grants for technological programs for the Police Department, and a $700,000 grant from Housing and Urban Development for Economic Development Initiatives.
– Sent proposals for the construction of the Mangrove Lagoon Sewage Treatment Plant, which is estimated to cost $26 million and has been 25 years in the making.
– Sent proposals for facilities at the Bovoni and Anguilla landfills, estimated to cost $70 million each.
– Met with members of the conference's National Resources Committee to discuss environment in general, and especially endangered species and means of preserving plant and animal life.
Turnbull said he met with President Clinton two or three times, and that the president was very sympathetic to the V.I.'s needs and "very much interested in helping the V.I. during his last days in office." The governor said Clinton wants to leave a legacy of helping minorities.
In closing, Turnbull thanked the Legislature for passing all his nominations for judgeships, boards and commissions, and said he expected the senators to approve Rafael Jackson, whom he has appointed as Tourism commissioner.
The governor said that on Friday Don Young, chairman of the House Resources Committee, along with a delegation from the U.S. House of Representatives, will visit the territory. They will be meeting with legislators and business leaders on status and consitutional issues.
Turnbull said he was presently reviewing the proposal presented to him by his negotiating team.
The governor had come under strong criticism for negotiating with Southern Engery behind closed doors.
In another matter, Turnbull left no question as to his opinion on the Ritz-Carlton's proposed development.
"We cannot continue to chase away investors," he said. "There are some in the Legislature and elsewhere who oppose this development. It boggles the mind."
He noted that the hotel chain is rated number one in the Americas, and said the opposition to the development "has to stop – we are killing the goose that laid the golden egg."
He said is going over documents to facilitate the project and sees no reason it should not proceed.
While the governor touched on many subjects in his talk, which was broadcast on several radio stations, some critical concerns stood out. One is the ongoing matter of the Hurricane Hugo Federal Emergency Management Agency loan. Turnbull said he met with James Lee Witt, head of FEMA, and requested a cancellation of the loan.
President Clinton's budget for Fiscal Year 2001, Turnbull said, provides for suspension of payments until Sept. 30, 2001. He said he requested FEMA and Jacob Lew, director of the Office of Management and Budget, to use the Federal Credit Reform Act as a basis for the cancellation of the remainder of the Hugo loan.
Another current territorial crisis is the confiscation of cigarettes marked "for export only" from tourists leaving the V.I. This represents a loss of millions of dollars to the territory.
Turnbull said he had written to Raymond Kelly, commissioner of Customs, and to the U.S. Treasury Department, to direct customs agents to halt the confiscation process. He is awaiting a response. Meanwhile, he said, officials are tackling the problem from another angle. Delegate Donna Christian-Christensen and Congressman Charles Rangel (D-N.Y.) will introduce a technical amendment to provide for the legal exemption of duty-free cigarettes.
Referring to the workers'compensation matters that came up in the Senate Monday, the governor defended Finance Commissioner Bernice Turnbull, saying the money transfers discussed then were not "illegal." He said they were, rather, "humanitarian." He plans to discuss he matter with the legislature in a scheduled meeting on Thursday.
Commissioner Turnbull surprised senators Monday by telling them she had issued $400,000 in worker's compensation payments by tapping into other government funds, which senators said was illegal.
The governor began the news conference, held at Government House, by declaring, "Education is the territory's top priority." On his recent trip to Washington to attend the National Governors' Association Conference, he said, all governors agreed that in every state and territory, including the Virgin Islands, education of children is the top priority, and that federal funding is needed.
"Although the territory's fiscal crisis is very severe, special attention must be given to education," said Turnbull. He asked other groups "who are due better things from the government," to be understanding. Children, he said, must be given access to the Internet, along with a good, basic education. He promised to "announce special initiatives geared to improving our educational system in the weeks ahead."
In other matters, the governor said he had:
– Met with Dept. of the Interior officials to include in the president's budget a $9.2 million grant for the Environmental Protection Agency to address the critical needs of the territory's sewage system.
– Discussed the Department of Public Works State of Emergency. He said he had directed any department whose participation is required in the procurement process to cooperate, and give Public Works what it needs to repair the territory's sewage system. He also said he requested $2.7 million in federal grants for technological programs for the Police Department, and a $700,000 grant from Housing and Urban Development for Economic Development Initiatives.
– Sent proposals for the construction of the Mangrove Lagoon Sewage Treatment Plant, which is estimated to cost $26 million and has been 25 years in the making.
– Sent proposals for facilities at the Bovoni and Anguilla landfills, estimated to cost $70 million each.
– Met with members of the conference's National Resources Committee to discuss environment in general, and especially endangered species and means of preserving plant and animal life.
Turnbull said he met with President Clinton two or three times, and that the president was very sympathetic to the V.I.'s needs and "very much interested in helping the V.I. during his last days in office." The governor said Clinton wants to leave a legacy of helping minorities.
In closing, Turnbull thanked the Legislature for passing all his nominations for judgeships, boards and commissions, and said he expected the senators to approve Rafael Jackson, whom he has appointed as Tourism commissioner.
The governor said that on Friday Don Young, chairman of the House Resources Committee, along with a delegation from the U.S. House of Representatives, will visit the territory. They will be meeting with legislators and business leaders on status and consitutional issues.
ST. CROIX UNVEILS FIRST CASINO
Blinking lights, whirring roulette wheels, ringing bells and the din of excited people: The sights and sounds of money were unmistakable Tuesday evening at the arrival of St. Croix’s first-ever casino.
Gambling fever had – for at least a few hours — infected some of the Virgin Islands’ most public figures. At one table — packed shoulder-to-shoulder with excited, tuxedo-clad gamblers – Sens. Adelbert Bryan and Almando "Rocky" Liburd rolled craps.
With flashing lights of a slot machine playing off his glasses, District Court Judge Raymond Finch – ever the picture of composure and great import – contemplated the fate of the one-armed bandit he was presiding over.
And although it was hard to tell who was schooling whom, Education Commissioner Ruby Simmonds was holding session with a slot machine away from the maddening throngs of people packed into the shiny new Divi Carina Bay Casino.
Soaking up all the action in the territory’s newest industry, in which he doesn’t yet own a piece, was accountant-turned-mogul Jeffrey Prosser. Was he crunching numbers and contemplating dealing himself into the gaming game?
"I pretty much stay in banking and communications," Prosser said. "We looked at it at the time of the Carambola transaction. But it’s a special business and you have to certainly understand it, which I don’t."
Whether he was bluffing remains to be seen. But one thing almost everyone agreed upon as the island's first casino opened was that gaming holds great potential for St. Croix.
"It’s like a dream come true," said Christiansted businessman Mike Harris, a charter member of Crucians for Casino Entertainment. "It will open up new doors for St. Croix."
Brad Whitmore, president of Grapetree Shores, the company that undertook the resurrection of the derelict Divi resort, said the opening of the resort and casino will help build the momentum needed to put St. Croix back on the tourism map.
Divi Carina Bay has already contacted thousands of meeting planners and travel agents throughout the United States and Canada. That will translate into more tourists, more hotels and more airlines, said Whitmore.
"St. Croix is definitely getting exposure…" he said. "This is new tourism and it builds economic momentum for everyone."
Still, Whitmore cautioned against people thinking that Divi will be St. Croix’s savior. So did others.
The Casino Control Act allows six hotel-casinos to be built on the island. With that in mind, Prosser said more must be done to attract investors.
"I think this is a great thing for St. Croix," Prosser said of the new casino. "The problem you have is we don’t put across a good image toward business. That’s why this is such an important venture."
Whitmore summed up the meaning of St. Croix’s newest attraction: "The casino is not enough for an economic turnaround," he said. "But it’s a good start."
Gambling fever had – for at least a few hours — infected some of the Virgin Islands’ most public figures. At one table — packed shoulder-to-shoulder with excited, tuxedo-clad gamblers – Sens. Adelbert Bryan and Almando "Rocky" Liburd rolled craps.
With flashing lights of a slot machine playing off his glasses, District Court Judge Raymond Finch – ever the picture of composure and great import – contemplated the fate of the one-armed bandit he was presiding over.
And although it was hard to tell who was schooling whom, Education Commissioner Ruby Simmonds was holding session with a slot machine away from the maddening throngs of people packed into the shiny new Divi Carina Bay Casino.
Soaking up all the action in the territory’s newest industry, in which he doesn’t yet own a piece, was accountant-turned-mogul Jeffrey Prosser. Was he crunching numbers and contemplating dealing himself into the gaming game?
"I pretty much stay in banking and communications," Prosser said. "We looked at it at the time of the Carambola transaction. But it’s a special business and you have to certainly understand it, which I don’t."
Whether he was bluffing remains to be seen. But one thing almost everyone agreed upon as the island's first casino opened was that gaming holds great potential for St. Croix.
"It’s like a dream come true," said Christiansted businessman Mike Harris, a charter member of Crucians for Casino Entertainment. "It will open up new doors for St. Croix."
Brad Whitmore, president of Grapetree Shores, the company that undertook the resurrection of the derelict Divi resort, said the opening of the resort and casino will help build the momentum needed to put St. Croix back on the tourism map.
Divi Carina Bay has already contacted thousands of meeting planners and travel agents throughout the United States and Canada. That will translate into more tourists, more hotels and more airlines, said Whitmore.
"St. Croix is definitely getting exposure…" he said. "This is new tourism and it builds economic momentum for everyone."
Still, Whitmore cautioned against people thinking that Divi will be St. Croix’s savior. So did others.
The Casino Control Act allows six hotel-casinos to be built on the island. With that in mind, Prosser said more must be done to attract investors.
"I think this is a great thing for St. Croix," Prosser said of the new casino. "The problem you have is we don’t put across a good image toward business. That’s why this is such an important venture."
Whitmore summed up the meaning of St. Croix’s newest attraction: "The casino is not enough for an economic turnaround," he said. "But it’s a good start."
GOOD TIMES ROLL AT UNVEILING OF CASINO
Blinking lights, whirring roulette wheels, ringing bells and the din of excited droves of people: The sights and sounds of money having fun were unmistakable Tuesday evening at the unveiling of St. Croix’s first casino.
At the by-invitation preview following the afternoon ribbon-cutting ceremony, a Who's Who of public officials and business executives were taking their chances — and talking about the odds of gaming turning the island's economy around.
Gambling fever had -– for at least a few hours — infected some of the Virgin Islands’ most public figures. At one table surrounded shoulder to shoulder with excited, tuxedo-clad and jewel-bedecked gamblers, Sens. Adelbert "Bert" Bryan and Almando "Rocky" Liburd rolled craps.
With flashing lights of a slot machine playing off his glasses, District Court Judge Raymond Finch -– ever the picture of composure and great import –- contemplated the fate of the one-armed bandit he was presiding over.
And although it was hard to tell who was schooling whom, Education Commissioner Ruby Simmonds was holding session with a slot machine away from the throngs of people packed into the shiny new Divi Carina Bay Casino.
Soaking up all the action in the territory’s newest industry, in which he doesn’t yet own a piece, was accountant-turned-mogul Jeffrey Prosser. Was he crunching numbers and contemplating dealing himself into the gaming game? "I pretty much stay in banking and communications," Prosser said. "We looked at it at the time of the Carambola transaction. But it’s a special business, and you have to certainly understand it, which I don’t."
Whether he was hedging his bets remains to be seen. But one thing almost everyone agreed upon at the opening of the territory's first casino was that gaming holds great potential for St. Croix.
"It’s like a dream come true," Christiansted businessman Mike Harris, a charter member of Crucians for Casino Entertainment, said. "It will open up new doors for St. Croix."
Brad Whitmore, president of Grapetree Shores, the company that undertook the resurrection of the derelict Divi resort, said the opening of the resort and casino will help build the momentum needed to put St. Croix back on the tourism map.
Divi Carina Bay has already contacted thousands of meeting planners, tour operators and travel agents throughout the United States and Canada, Whitmore said, and that will translate into more tourists, more hotels and more airlines. "St. Croix is definitely getting exposure," he said. "This is new tourism, and it builds economic momentum for everyone."
Still, Whitmore cautioned against people thinking that Divi will be St. Croix’s savior. So did others.
The Casino Control Act allows six hotel-casinos to be built on the island. With that in mind, Prosser said more must be done to attract investors. "This is a great thing for St. Croix," he said of the new casino. "The problem you have is we don’t put across a good image toward business. That’s why this is such an important venture."
Whitmore put it this way: "The casino is not enough for an economic turnaround, but it’s a good start."
The casino is scheduled to open to the public on Friday.
At the by-invitation preview following the afternoon ribbon-cutting ceremony, a Who's Who of public officials and business executives were taking their chances — and talking about the odds of gaming turning the island's economy around.
Gambling fever had -– for at least a few hours — infected some of the Virgin Islands’ most public figures. At one table surrounded shoulder to shoulder with excited, tuxedo-clad and jewel-bedecked gamblers, Sens. Adelbert "Bert" Bryan and Almando "Rocky" Liburd rolled craps.
With flashing lights of a slot machine playing off his glasses, District Court Judge Raymond Finch -– ever the picture of composure and great import –- contemplated the fate of the one-armed bandit he was presiding over.
And although it was hard to tell who was schooling whom, Education Commissioner Ruby Simmonds was holding session with a slot machine away from the throngs of people packed into the shiny new Divi Carina Bay Casino.
Soaking up all the action in the territory’s newest industry, in which he doesn’t yet own a piece, was accountant-turned-mogul Jeffrey Prosser. Was he crunching numbers and contemplating dealing himself into the gaming game? "I pretty much stay in banking and communications," Prosser said. "We looked at it at the time of the Carambola transaction. But it’s a special business, and you have to certainly understand it, which I don’t."
Whether he was hedging his bets remains to be seen. But one thing almost everyone agreed upon at the opening of the territory's first casino was that gaming holds great potential for St. Croix.
"It’s like a dream come true," Christiansted businessman Mike Harris, a charter member of Crucians for Casino Entertainment, said. "It will open up new doors for St. Croix."
Brad Whitmore, president of Grapetree Shores, the company that undertook the resurrection of the derelict Divi resort, said the opening of the resort and casino will help build the momentum needed to put St. Croix back on the tourism map.
Divi Carina Bay has already contacted thousands of meeting planners, tour operators and travel agents throughout the United States and Canada, Whitmore said, and that will translate into more tourists, more hotels and more airlines. "St. Croix is definitely getting exposure," he said. "This is new tourism, and it builds economic momentum for everyone."
Still, Whitmore cautioned against people thinking that Divi will be St. Croix’s savior. So did others.
The Casino Control Act allows six hotel-casinos to be built on the island. With that in mind, Prosser said more must be done to attract investors. "This is a great thing for St. Croix," he said of the new casino. "The problem you have is we don’t put across a good image toward business. That’s why this is such an important venture."
Whitmore put it this way: "The casino is not enough for an economic turnaround, but it’s a good start."
The casino is scheduled to open to the public on Friday.
MEMORIAL DAY'S BACK IN; CLASSES ARE OUT
Is Memorial Day a school holiday or a class make-up day this year?
The latest answer from Education Commissioner Ruby Simmonds on Tuesday was that it's once more a school holiday.
Simmonds went over the school year schedule with her education task force Monday and found that there was an extra day of classes.
Earlier, the commissioner announced that the holiday would be a make-up school day to compensate for class time lost due mainly to Hurricanes Jose and Lenny. In response to objections from veterans and their supporters, she met with some veterans last week and shared ideas about teaching the meaning of Memorial Day in classrooms that day.
Simmonds said Tuesday that the scheduling mix-up "probably had to do with Hurricane Jose."
The latest answer from Education Commissioner Ruby Simmonds on Tuesday was that it's once more a school holiday.
Simmonds went over the school year schedule with her education task force Monday and found that there was an extra day of classes.
Earlier, the commissioner announced that the holiday would be a make-up school day to compensate for class time lost due mainly to Hurricanes Jose and Lenny. In response to objections from veterans and their supporters, she met with some veterans last week and shared ideas about teaching the meaning of Memorial Day in classrooms that day.
Simmonds said Tuesday that the scheduling mix-up "probably had to do with Hurricane Jose."
GOVERNOR VOWS 'FULL PUBLIC AIRING' OF WAPA DEAL
Gov. Charles W. Turnbull said Tuesday he is committed to "a full public airing" of all details of the proposed Southern Energy-Water and Power Authority partnership before he sends his proposal to the Legislature for approval.
Speaking at his morning press conference in Government House on St. Thomas, the governor said he was reviewing the proposal submitted by his negotiating team.
The administration has come under strong criticism from some quarters for negotiating with Southern Energy behind closed doors.
Turnbull also left no question as to his opinion on the Ritz-Carlton's proposed expansion. "We cannot continue to chase away investors," he said. "There are some in the Legislature and elsewhere who oppose this development. It boggles the mind."
Saying the hotel is rated No. 1 in the Americas, he said opposition to the expansion "has to stop -– we are killing the goose that lays the golden egg."
Among other topics the governor touched on:
– The territory's request for forgiveness of the Hurricane Hugo loan from the Federal Emergency Management Agency loan. Turnbull said he met with FEMA director James Lee Witt in Washington recently and requested cancellation of the loan.
He said the proposed White House budget for Fiscal Year 2001 would suspend payments on the FEMA loan through Sept. 30, 2001. The governor said he asked that the Federal Credit Reform Act be used as a basis for canceling the remainder of the loan.
– The confiscation of cigarettes marked "for export only" from U.S. tourists leaving the Virgin Islands. Halting cigarette sales represents a loss of millions of dollars to the territory. Turnbull said he had written to the heads of U.S. Customs and the U.S. Treasury asking that Customs agents halt the confiscations, and that he is awaiting a response.
Meantime, he said, Delegate Donna Christian-Christensen and Rep. Charles Rangel (D-NY) will introduce a technical amendment to exempt the sale of duty-free cigarettes for personal use.
– Criticism of Finance Commissioner Bernice Turnbull in the Senate on Monday, when she stated that she had tapped into other funds to get money to pay $400,000 in workers' compensation claims. The governor said the money transfers were "humanitarian" and not illegal. He said he would discuss the matter in his meeting with the Senate on Thursday.
– Education as a top priority. At the National Governors Conference he recently attended, Turnbull said, it was agreed that in every state and territory education of children is the top priority, and that federal funding is needed.
"Although the territory's fiscal crisis is very severe, special attention must be given to education," he said. He said he will announce "special initiatives geared to improving our educational system in the weeks ahead."
In other matters, the governor said he had:
– met with Interior Department officials to include in the president's budget a $9.2 million grant for the Environmental Protection Agency to address the critical needs of the territory's sewage system.
– directed under the state of emergency he declared for the Public Works Department that any department whose participation is required in the procurement process give Public Works what it needs to repair the territory's sewage system.
– requested $2.7 million in federal grants for technological programs for the Police Department, and a $700,000 grant from Housing and Urban Development for economic development initiatives.
– sent proposals for construction of the Mangrove Lagoon sewage treatment plant, estimated to cost $26 million and 25 years in the planning.
– sent proposals for facilities at the Bovoni and Anguilla Landfills, estimated to cost $70 million each.
The governor said he met with President Clinton in Washington and that the president is "very much interested in helping the V.I. during his last days in office" in keeping with his desire to leave a legacy of support for minorities. He announced that a congressional delegation will visit the territory on Friday to meet with legislators and business leaders on status and consitutional issues.
Speaking at his morning press conference in Government House on St. Thomas, the governor said he was reviewing the proposal submitted by his negotiating team.
The administration has come under strong criticism from some quarters for negotiating with Southern Energy behind closed doors.
Turnbull also left no question as to his opinion on the Ritz-Carlton's proposed expansion. "We cannot continue to chase away investors," he said. "There are some in the Legislature and elsewhere who oppose this development. It boggles the mind."
Saying the hotel is rated No. 1 in the Americas, he said opposition to the expansion "has to stop -– we are killing the goose that lays the golden egg."
Among other topics the governor touched on:
– The territory's request for forgiveness of the Hurricane Hugo loan from the Federal Emergency Management Agency loan. Turnbull said he met with FEMA director James Lee Witt in Washington recently and requested cancellation of the loan.
He said the proposed White House budget for Fiscal Year 2001 would suspend payments on the FEMA loan through Sept. 30, 2001. The governor said he asked that the Federal Credit Reform Act be used as a basis for canceling the remainder of the loan.
– The confiscation of cigarettes marked "for export only" from U.S. tourists leaving the Virgin Islands. Halting cigarette sales represents a loss of millions of dollars to the territory. Turnbull said he had written to the heads of U.S. Customs and the U.S. Treasury asking that Customs agents halt the confiscations, and that he is awaiting a response.
Meantime, he said, Delegate Donna Christian-Christensen and Rep. Charles Rangel (D-NY) will introduce a technical amendment to exempt the sale of duty-free cigarettes for personal use.
– Criticism of Finance Commissioner Bernice Turnbull in the Senate on Monday, when she stated that she had tapped into other funds to get money to pay $400,000 in workers' compensation claims. The governor said the money transfers were "humanitarian" and not illegal. He said he would discuss the matter in his meeting with the Senate on Thursday.
– Education as a top priority. At the National Governors Conference he recently attended, Turnbull said, it was agreed that in every state and territory education of children is the top priority, and that federal funding is needed.
"Although the territory's fiscal crisis is very severe, special attention must be given to education," he said. He said he will announce "special initiatives geared to improving our educational system in the weeks ahead."
In other matters, the governor said he had:
– met with Interior Department officials to include in the president's budget a $9.2 million grant for the Environmental Protection Agency to address the critical needs of the territory's sewage system.
– directed under the state of emergency he declared for the Public Works Department that any department whose participation is required in the procurement process give Public Works what it needs to repair the territory's sewage system.
– requested $2.7 million in federal grants for technological programs for the Police Department, and a $700,000 grant from Housing and Urban Development for economic development initiatives.
– sent proposals for construction of the Mangrove Lagoon sewage treatment plant, estimated to cost $26 million and 25 years in the planning.
– sent proposals for facilities at the Bovoni and Anguilla Landfills, estimated to cost $70 million each.
The governor said he met with President Clinton in Washington and that the president is "very much interested in helping the V.I. during his last days in office" in keeping with his desire to leave a legacy of support for minorities. He announced that a congressional delegation will visit the territory on Friday to meet with legislators and business leaders on status and consitutional issues.
DEFICIT TO HALT WORKERS' COMP PAYOUTS AGAIN
Workers' compensation payments will grind to a halt again this week as the result of the insurance fund being in the red by $2.9 million, according to two top government administrators.
Labor Commissioner Sonia Jacobs-Dow and Finance Commissioner Bernice Turnbull testified to that effect Monday at a meeting of the Labor and Veterans Affairs Committee, where additional problems also surfaced.
Turnbull revealed that on Friday she had authorized payment of $400,000 in workers' comp claims by "tapping other special funds of the government." Several senators said the administration had no authorization to take such action.
Then Turnbull said she would not authorize any further payments until the Senate acts on an appropriation bill from Government House.
At his press conference Tuesday, Gov. Charles W. Turnbull said what his Finance commissioner did "was a humanitarian deed; it was not illegal."
The governor, saying he would discuss the workers' compensation situation when he meets with the Legislature on Thursday, blamed the fund's deficit on the Legislature itself.
"In December, this same Legislature failed to enact a $3 million appropriation that would have covered the shortfall," he said. "The Senate dropped the ball and now there is a crisis."
The insurance fund is owed $6.8 million by the V.I. government and $943,012 by private companies, according to the Finance commissioner.
Jacobs-Dow was grilled by senators Monday about Labor's failure to implement federally mandated "one-stop shopping" for services provided by the department.
She also was questioned about her failure to implement increases in unemployment benefits and decreases in employer contributions to the fund. Committee chair Roosevelt David criticized her for failing to enact the provisions of legislation to that effect that was passed last year.
Labor Commissioner Sonia Jacobs-Dow and Finance Commissioner Bernice Turnbull testified to that effect Monday at a meeting of the Labor and Veterans Affairs Committee, where additional problems also surfaced.
Turnbull revealed that on Friday she had authorized payment of $400,000 in workers' comp claims by "tapping other special funds of the government." Several senators said the administration had no authorization to take such action.
Then Turnbull said she would not authorize any further payments until the Senate acts on an appropriation bill from Government House.
At his press conference Tuesday, Gov. Charles W. Turnbull said what his Finance commissioner did "was a humanitarian deed; it was not illegal."
The governor, saying he would discuss the workers' compensation situation when he meets with the Legislature on Thursday, blamed the fund's deficit on the Legislature itself.
"In December, this same Legislature failed to enact a $3 million appropriation that would have covered the shortfall," he said. "The Senate dropped the ball and now there is a crisis."
The insurance fund is owed $6.8 million by the V.I. government and $943,012 by private companies, according to the Finance commissioner.
Jacobs-Dow was grilled by senators Monday about Labor's failure to implement federally mandated "one-stop shopping" for services provided by the department.
She also was questioned about her failure to implement increases in unemployment benefits and decreases in employer contributions to the fund. Committee chair Roosevelt David criticized her for failing to enact the provisions of legislation to that effect that was passed last year.
PSC OKAYS FEES FOR NEW PHONE SERVICE OPTIONS
The Public Services Commission has approved charges for long-awaited service options to be offered by the Virgin Island Telephone Corp. — caller ID, call return, repeat dialing, distinctive ringing and long-distance alert.
Caller ID displays the caller's telephone number before the customer picks up the phone. Deluxe ID also shows the caller's name. The service here will identify only calls made on land lines in the Virgin Islands, not long-distance or cellular calls.
Distinctive ringing, sometimes called "teen service," allows customers to program their phones so that regular callers to specific individuals within a household trigger a distinctive ring. That way, parents won't pick up the phone if it's junior's best buddy, for instance.
The options also include a call-blocking feature that prevents display of the caller's identity. This feature is important to social service agencies where client confidentiality is essential.
Vitelco submitted its proposed rates to the PSC in December. The commission delayed action in February in part so that members could study the matter of caller privacy.
The charges were approved Monday. Walter Challenger, PSC chair, and Alecia M. Wells voted yes. Desmond Maynard and Luther Renee abstained. Patrick Williams and Dora Hill were absent.
Attorney Frederick G. Watts, PSC hearing examiner, and PSC off-island consultant Anthony J. Zarillo endorsed the charges. Zarillo said the rates proposed were in line with those of 22 companies he checked out on the mainland. Watts termed the fees "appropriate."
Maynard said he needed more time to examine the fees so as to make an "informed decision." Challenger said some states don't hold hearings on rates for new optional features and noted that those coming now have been some three years in the making.
Vitelco representatives said they were negotiating with long-distance carriers about possibly adding caller ID, if it is economically feasible for Vitelco.
Customers can sign up for the new features at the company's business offices between 8 a.m. and 5 p.m.
In other action, the commission granted Vitelco a 50 percent waiver of legally mandated credit to customers for interruption of telephone service resulting from Hurricane Lenny, to 100 percent of normal rates from 150 percent. The service periods are Nov. 17 to Jan. 15 for St. Thomas-St. John and Nov. 17 to Jan. 31 for St. Croix. Credit to customers without service will be based on the severity of the damage to their area, according to Keithly Joseph, PSC executive director.
Vitelco president Samuel Ebbesen and company attorney Kevin Rames said about 300 lines are still out from the hurricane on St Croix but should be back in service within 90 days. Vitelco has committed to providing cellular phones to customers having severe problems, Joseph said.
Some of the monthly rates approved:
Caller ID: residential — $5.50, deluxe $7; business — $6.50, deluxe $8
Call return: residential $3; business $4
Repeat dialing: residential $3; business $4
Distinctive ringing (depending on number): residential — $4 to $8; business — $5.60 to $11.20
Caller ID displays the caller's telephone number before the customer picks up the phone. Deluxe ID also shows the caller's name. The service here will identify only calls made on land lines in the Virgin Islands, not long-distance or cellular calls.
Distinctive ringing, sometimes called "teen service," allows customers to program their phones so that regular callers to specific individuals within a household trigger a distinctive ring. That way, parents won't pick up the phone if it's junior's best buddy, for instance.
The options also include a call-blocking feature that prevents display of the caller's identity. This feature is important to social service agencies where client confidentiality is essential.
Vitelco submitted its proposed rates to the PSC in December. The commission delayed action in February in part so that members could study the matter of caller privacy.
The charges were approved Monday. Walter Challenger, PSC chair, and Alecia M. Wells voted yes. Desmond Maynard and Luther Renee abstained. Patrick Williams and Dora Hill were absent.
Attorney Frederick G. Watts, PSC hearing examiner, and PSC off-island consultant Anthony J. Zarillo endorsed the charges. Zarillo said the rates proposed were in line with those of 22 companies he checked out on the mainland. Watts termed the fees "appropriate."
Maynard said he needed more time to examine the fees so as to make an "informed decision." Challenger said some states don't hold hearings on rates for new optional features and noted that those coming now have been some three years in the making.
Vitelco representatives said they were negotiating with long-distance carriers about possibly adding caller ID, if it is economically feasible for Vitelco.
Customers can sign up for the new features at the company's business offices between 8 a.m. and 5 p.m.
In other action, the commission granted Vitelco a 50 percent waiver of legally mandated credit to customers for interruption of telephone service resulting from Hurricane Lenny, to 100 percent of normal rates from 150 percent. The service periods are Nov. 17 to Jan. 15 for St. Thomas-St. John and Nov. 17 to Jan. 31 for St. Croix. Credit to customers without service will be based on the severity of the damage to their area, according to Keithly Joseph, PSC executive director.
Vitelco president Samuel Ebbesen and company attorney Kevin Rames said about 300 lines are still out from the hurricane on St Croix but should be back in service within 90 days. Vitelco has committed to providing cellular phones to customers having severe problems, Joseph said.
Some of the monthly rates approved:
Caller ID: residential — $5.50, deluxe $7; business — $6.50, deluxe $8
Call return: residential $3; business $4
Repeat dialing: residential $3; business $4
Distinctive ringing (depending on number): residential — $4 to $8; business — $5.60 to $11.20
PSC RESTRICTS COMING HIKE IN ELECTRIC BILLS
Water and Power Authority customers will see increases in their electric bills April 1, but the Public Services Commission has softened the blow a bit by restricting the percentage they'll go up for now.
The PSC agreed to let the utility raise rates by 17 percent for residential customers instead of the 23 percent that WAPA had projected, and by 14 percent for commercial customers and 19 percent for large-scale users. The increases will extend over nine months and split the increased cost of oil between WAPA and its consumers.
The average residential electric bill will go up $10.37 a month for residential customers, $28.08 for commercial users and $523.21 for large power users.
PSC investigative consultant Anthony Zarillo had advised the commission against the $14 average monthly household increase WAPA cited in a press release Friday.
Zarillo, in his report on the utility's "levelized energy adjustment," a surcharge linked to world market fuel costs that the PSC first permitted WAPA to add onto bills in 1981, warned against action that could produce "rate shock" among consumers.
The surcharge rate is adjusted every six months. With oil prices soaring, WAPA representatives said, it is sure to go up again in July. But they said that between now and then they will seek to prepare a recovery plan.
Each revision of the surcharge is supposed to balance projected oil costs for the six months to come with any over- or undercharging versus actual fuel costs for the previous six months.
Because of cost increases that have not been passed on to customers in the last year, WAPA authorities said, the utility's under-collecting will reach almost $12 million by the end of March. The surcharge adjustment approved by the PSC last October was based on an oil cost projection of $21.75 per barrel. The price is now about $30 a barrel.
Glenn Rothgeb, WAPA assistant executive director, acknowledged he had misjudged the price climb. He said he doesn't expect oil prices to go down any time in the near future, either. Even with the coming bill increases, he said, WAPA is "just treading water."
WAPA has been losing about $1 million a month since January and will probably need to borrow money to keep going, WAPA chief financial officer Terry Drake said.
Zarillo said consumers should not expect any relief until fall at the earliest, even if the Organization of Petroleum Exporting Countries increases the oil supply.
Both WAPA officials and PSC members expressed concern about how the increase will affect those on fixed incomes and small businesses. Commission member Desmond Maynard said, "I shudder to think what kind of reaction we're going to get in the community."
The choices, Zarillo said, are "either pay now, or pay later."
The PSC agreed to let the utility raise rates by 17 percent for residential customers instead of the 23 percent that WAPA had projected, and by 14 percent for commercial customers and 19 percent for large-scale users. The increases will extend over nine months and split the increased cost of oil between WAPA and its consumers.
The average residential electric bill will go up $10.37 a month for residential customers, $28.08 for commercial users and $523.21 for large power users.
PSC investigative consultant Anthony Zarillo had advised the commission against the $14 average monthly household increase WAPA cited in a press release Friday.
Zarillo, in his report on the utility's "levelized energy adjustment," a surcharge linked to world market fuel costs that the PSC first permitted WAPA to add onto bills in 1981, warned against action that could produce "rate shock" among consumers.
The surcharge rate is adjusted every six months. With oil prices soaring, WAPA representatives said, it is sure to go up again in July. But they said that between now and then they will seek to prepare a recovery plan.
Each revision of the surcharge is supposed to balance projected oil costs for the six months to come with any over- or undercharging versus actual fuel costs for the previous six months.
Because of cost increases that have not been passed on to customers in the last year, WAPA authorities said, the utility's under-collecting will reach almost $12 million by the end of March. The surcharge adjustment approved by the PSC last October was based on an oil cost projection of $21.75 per barrel. The price is now about $30 a barrel.
Glenn Rothgeb, WAPA assistant executive director, acknowledged he had misjudged the price climb. He said he doesn't expect oil prices to go down any time in the near future, either. Even with the coming bill increases, he said, WAPA is "just treading water."
WAPA has been losing about $1 million a month since January and will probably need to borrow money to keep going, WAPA chief financial officer Terry Drake said.
Zarillo said consumers should not expect any relief until fall at the earliest, even if the Organization of Petroleum Exporting Countries increases the oil supply.
Both WAPA officials and PSC members expressed concern about how the increase will affect those on fixed incomes and small businesses. Commission member Desmond Maynard said, "I shudder to think what kind of reaction we're going to get in the community."
The choices, Zarillo said, are "either pay now, or pay later."
