Struggling casino hasn’t paid employees
Tinian Entertainment has signed a deal that will allow it to take over the operation of the troubled Tinian Dynasty Hotel & Casino complex, which has come under fire for not paying some 600 employees, and for failing to abide by the standards of the Bank Secrecy Act, including establishing anti-money laundering practices.
“The signing of the MOU confirms Tinian Entertainment’s interest in pursuing the operation of Tinian Dynasty, and a major step forward for us to become a part of the local community,” said Wilfred Lam, director of Tinian Entertainment Co. Ltd. and chairman of its parent company, Chinese Strategic Holdings Ltd. “Our team has been working diligently with the gaming commission on the requirements for our path to licensure, and we are committed to comply with all local and federal regulations.”
On July 1, TEC paid a casino license application fee of $200,000 to the Tinian Casino Gaming Control Commission. According to company records, TEC has filed a business disclosure form along with personal history disclosure forms, income tax filings, bank statements, criminal history checks and credit reports of its two directors on May 22, paying an investigation fee of $100,000 to the commission. A suitability investigation is expected to be complete within 90 days.
“We thank the gaming commission, the leadership and the people of Tinian for their support of our rehabilitative efforts. We are confident, with the ongoing help of Spectrum, the community, including the gaming commission and leadership of Tinian, the Tinian Dynasty will be thriving again soon,” Lam said.
According to a report in the Saipan Tribune, under former owner Mega Stars Overseas, the property did not comply with the Tinian Gaming Act or international guidelines. In an April 2013 raid by the U.S. Internal Revenue Services and other federal agencies, investigators found that the property in the Northern Marianas Islands did not file Cash Transactions Reports and Suspicious Activity Reports as mandated by law.