Proposed Grand Mariana Casino & Hotel ResortConstruction of The Grand Mariana Casino Resort project in Garapan in the Saipan Island will continue on course after the Commonwealth Casino Commission determined that its developer, Best Sunshine International is financially competent to complete the construction.

Imperial Pacific International Holdings Ltd, a Hong Kong based company operating as Best Sunshine International (BSI) is building a $7 billion integral casino resort in Saipan, located in the Commonwealth of the Northern Mariana Islands (CNMI). This mega casino resort is spread cross five phases and construction of phase 1 is currently on and expected to finish by the end of 2016.

The Commonwealth Casino Commission said that it was interested in establishing that Imperial Pacific (Best Sunshine) was able to complete the construction of the Grand Mariana project, which is estimated to cost around $500 million. It asked BSI to provide financial documents to assess if the company could “substantiate their plans” to fund the construction.

After a review of the records and discussions with BSI officials, Chief Executive Officer Mark Brown, Chief Financial Officer Jerry Xie and legal counsel Viola Alepuyo who form part of the commission has found everything to be in order.

In a statement, Edward Deleon Guerrero, Executive Director, Commonwealth Casino Commission said

It is our duty and responsibility to determine that they are financially able to complete the project. They have provided us with documents and our auditors are going over these reports and to date Imperial Pacific has shown that it has increased its solid financial position to complete the project. We went over their various financial records of investments and our finding is that they are financially able and capable of moving forward with this $500 million construction project.

Described by Best Sunshine as the largest private infrastructure development project ever to be constructed on Saipan, the Grand Mariana Resort in phase 1 is expected to have 374 rooms across beachfront villas and hotels in addition to two casino floors. BSI officials said although they still don’t know the exact number of VIP rooms, tables and machines in the Grand Mariana, VIP tables will be roughly 40 percent of all tables.

At the meeting, the commissioners asked BSI to consider hiring staff from nearby islands of Rota and Tinian and to provide them with free housing. The commission also asked BSI to meet all the licensing requirements for non-U.S staff so that it could keep track of them.

Guerrero also took the opportunity to clarify that BSI was in compliance of all state laws, stating that it pays taxes of 5 percent on gross gaming revenues as well as its $15 million annual license fee. Best Sunshine also confirmed that it paid $23 million in taxes and fees in 2015.

Categories: Casino News

Posted on: 26th January 2016 by: Gary Beachley