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2006 was Year of Foreign Investment
Guam is going to get a lot more corporate in the near future, and that's expected to be a good thing. If there was a consistent theme to 2006, it would be foreign investment. This was a banner year for off-island companies making significant steps towards setting up shop locally, as several established firms flocked to the island to make their presence known.
Both full-time residents and visitors alike will have more choices when it comes to finding a place to eat, as mainland franchises like Chili's, Hooters and Ruby Tuesday are rumored to be opening soon. Those good with their hands and looking to make improvements around the house were thrilled to learn that Home Depot will be available in late 2007. Entrepreneur John Baldwin hopes to breathe new life into what used to be a popular tourist spot at the Guam Greyhound, having announced plans to turn it into a major island attraction. But despite Proposal "B", the Decision 2006 ballot initiative to allow slot machine gaming at his company ultimately being rejected by Guam's voters, Baldwin continues to develop his most recent project.
If there was a prize to be given for Most Valuable Investor, it would without doubt go to the Ken Corporation Group. The Japanese interest broke out a pretty hefty checkbook this year, acquiring an impressive stable of local hotels, including the Palace Hotel, the Guam Hyatt Regency, the Pacific Islands Club, and The Santa Fe on the Bay.
But all other deals aside, there was one arrangement that captivated local audiences and had mobile users literally licking their chops. The mega-deal of the year involved Guamcell Communications and HafaTEL, being acquired and merged by the largest wireless provider in Asia, Japan's NTT DoCoMo. With more than 50 million users worldwide, the purchase exceeded $72 million and positions the new company to be the dominant telecomm firm on island.
In all, you don't have to be a rocket scientist to foresee that the main driver for the sudden surge in business is the coming relocation of U.S. Marines and their dependents. Consumer spending is expected to skyrocket with more than 14,000 new residents within the next two years, and industries like retailing, entertainment and real estate are all rushing to cash in.
This story is part of a special series recapping the biggest stories of 2006. KUAM.com is profiling the most memorable moments in a year filled with pride and pain, lawsuits and love, elections and expectations, controversy and COLA.
Stream or download KUAM's special look back at "The Top 10 Stories of 2006" on Google Video
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