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Online Blackjack News - Tinian Casino Investor moves forward with project
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Bridge Investment Group signed the contract with Tianyuan Construction Group, Ltd. Tinian Mayor Jose P. San Nicolas and other municipal officials were present during the signing. This comes on the heels of another signing ceremony held last week, when Marianas Resort Development Co. Inc. appointed a renowned Japanese architectural firm to design the Tinian Matua Bay Resort Project, a $300-million casino-hotel that will also be built on Tinian.
Phillip Mendiola-Long, executive vice president of Bridge Investment, said construction on the $200-million Tinian Ocean View Resort and Casino will commence once the master site permit is approved by all CNMI regulatory agencies. Long said over 600 pages of engineering plans will be submitted to the agencies for review and approval.
Bridge Investment is one of several investors that have announced plans to build casinos on Tinian, currently the only municipality in the CNMI where gaming is legal. However, both Saipan and Rota are in the process of legalizing casinos. On Nov. 3, voters on each island will be asked to vote on a casino initiative. Bridge Investment has acquired a 50,000-square meter property on Tinian where it aims to build a 300-room hotel. The location is about three miles south of Tinian Dynasty Hotel and Casino. The group said the investment is expected to cost $150 million, but it could go up to $200 million should the investors proceed with expanding the project to include a water park and a golf course.
Bridge Investment projects to add nearly $400,000 monthly revenues to the Tinian government in terms of gaming fees, which, when combined with the present casino operator, Tinian Dynasty Hotel and Casino, would total $706,000 a month in government income. The industry is projected to earn Tinian some $8.5 million revenue a year, or a 228-percent increase from the current level. Overall, the Tinian tourism industry is projected to yield $92 million a year.
Last week, Marianas Resort Development Co. Inc., represented by chairman and CEO Kang Yun Lee, signed an architect agreement for the design of the Tinian Matua Bay Resort Project with Shin Takamatsu, Ph.D., of Takamatsu Architect & Associates Co. Ltd.
The signing ceremony, held on Saipan on Sept. 18 2007, was witnessed by Gov. Benigno R. Fitial, who was accompanied by DPL Secretary John S. Del Rosario Jr. They were joined by other dignitaries and investors from the CNMI, Japan and Korea.
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| Source:
Blackjack2002 News Staff
| Friday, 28 September 2007 |
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