Financier should be announced soon, says commissioner
Saipan casino investor Best Sunshine International is looking for $550 million in funding to complete its Grand Mariana Casino & Hotel in Garapan, Saipan, part of the U.S. Commonwealth of the Northern Mariana Islands.
Earlier this year casino commissioners in the Marianas Island vetted and approved the financial records of Imperial Pacific, operator of Best Sunshine International. The firm was deemed financially capable of completing its luxury resort.
“The info we had previously was that the Grand Mariana project would cost $500 million or more with the construction of 374 hotel rooms,” said Edward Deleon Guerrero, the commission’s executive director. “We were interested in seeing their financial records and finding out if it could substantiate their plans and how they intend to complete the construction of the facility. We requested some financial documents and we went over their finances to make sure that Imperial Pacific is financially able to compete the project.”
Deleon said documents provided for audit by IP shows the company “has increased its solid financial position to complete the project.”
Presently, reported the website Yogonet.com, BSI is looking to global financial institutions including SC Lowry, Standard & Poor, and Morgan Stanley, one of which may provide up to $400 million in funding for the Grand Mariana Resort & Casino, Guerrero stated. Confirmation of the investment package should be forthcoming soon, he added.
