Chinese Strategic Holdings Ltd., the company, which was commonly associated with its attempts to enter the Macau gambling market, has announced that its executives are working towards taking over the reins of Tinian Dynasty Hotel and Casino, located on Northern Mariana Islands.
In a special filing, representatives of Chinese Strategic Holdings Ltd. explained that they have entered into a memorandum of understanding via its subsidiary, known as Gain Millennia Ltd., with the current owner of Tinian Dynasty Hotel and Casino, Hong Kong Entertainment (Overseas) Investments Ltd.
Chinese Strategic is a Hong-Kong listed company, whose chairman is Kwok Hing “Wilfred” Lam. Mr. Lam is company’s executive director as well.
Hong Kong Entertainment has been considered a monopolist in the region since the Tinian Dynasty Hotel and Casino was the only one available in the area. It opened doors for visitors in 1998 and it features a bit over 400 rooms as well as 50 slot machines and 40 gaming tables. Players keen on blackjack and baccarat were particularly happy as these are the games that prevail on the casino floor.
A representative of Chinese Strategic said that as soon as the Tinian Casino Gaming Control Commission approves of the memorandum of understanding, Gain Millennia will be given the exclusive rights for managing the hotel and gaming operations of Tinian Dynasty Hotel and Casino.
The agreement is supposed to come into force by the end of March and the lease is to start no later than June 30th. The lease will be valid for the next six years and then, it could be renewed for a few more six year periods until it finally expires in 2051.
In one of its recent filings, Chinese Strategic announced that a meeting between the legal representatives of the Tinian Casino Gaming Control Commission and the executive director was held at the end of January. As a result, the Tinian gambling officials concluded that the “structure of the MOU is feasible”.
Back in 2013, Tinian Dynasty officials and Hong Kong Entertainment were involved in illegal affairs related to money transactions and the imposed limits. Every player who conducts a transaction that exceeds US$10,000 is supposed to fill particular documents.
However, the officials were accused of allowing players to make huge transactions without filing and submitting the necessary paperwork to the US government.
Soon after the accusation, executives of Tinian Dynasty signed a deal with the government of the United States in order to have their criminal charges dismissed.
Three months ago, the government filed another indictment against the company and the trial was scheduled for Monday (February 9th).
