“Grand re-openings” never happened
The Tinian Dynasty Hotel and Casino, which closed last year due to Typhoon Soudelor, could soon have a new owner, according to the World Casino News.
The News reports that “at least five groups” may be interested in taking over the 412-room property, which was set to reopen in December, and again in April, but failed to resume operations.
When parent company Hong Kong Entertainment failed to meet the deadlines, Tinian Mayor Joey Patrick San Nicolas announced he would travel to China in search of new investors. San Nicolas says at least one investor has expressed interest in working with the Tinian Casino Gaming Control Commission to take over the property.
“Since my meeting in Hong Kong, this investor has visited Tinian and has begun discussions with the Tinian Casino Gaming Control Commission to begin their application process,” said San Nicolas in a statement. “It is my understanding that the investigation of the applicant will begin shortly … I am cautiously optimistic that we will see the Dynasty doors open sometime later this year, if not early next year.”
Marianas Variety reported that the current owner, Hong Kong Entertainment/Mega Star has no plans to reopen the property in the near future, and identified one of its “partner investors,” Tim Chen of Chinese Strategic Holdings, as the interested investor. San Nicolas has described Chinese Strategic as one of the initial investors for Mega Star when it purchased Hong Kong Entertainment.
“Chinese Strategic wants to take the front seat now,” he said. “They want to take over the business and operate the casino-hotel. They are now finalizing the process. Mr. Chen still needs to be investigated by our gaming commission to determine his company’s financial suitability.” He said Chen will deposit a $50,000 investigation fee with the gaming commission, and undergo scrutiny of his company by Tinian commissioners.
Tinian has not collected any government revenues since the property, its only major funding source, closed, Variety reported.
Meanwhile, Macau-based Alter City Group, which has won a license to run a casino on Tinian, could open a temporary casino as its HK$10 billion (US$1.28 billion) mega-project is developed, according to the Macau Business Daily. The company cannot proceed without an amendment to the Tinian Gaming Act, according to the Saipan Tribune, but Alter City Managing Director Ken Lin says the company is eager to start on the project.
The Macau-based real estate firm has proposed a theme park and casino complex with 6,000 hotel rooms, villas and apartments as well as an 18-hole golf course and luxury retail shops. The planned Plumeria Golf and Casino Resort will be set on a 152-hectare (376-acre) parcel in Puntan Diablo. Its lease agreement with the Department of Public Lands includes an initial term of 25 years with an option for 15 additional years. The planned casino, which would target mass-market players, will include 265,000 square feet of gaming floor on three levels.
