Best Sunshine International, the company behind the proposed Grand Mariana Casino & Hotel Resort in Garapan, Northern Mariana Islands is financially able to complete the project, the Commonwealth Casino Commission announced.
Edward Deleon Guerrero, Executive Director of the regulator, told media that the amount of $500 million is to be spent on the construction of the hotel and casino complex, which is to feature 374 hotel rooms and a number of other options. Mr. Guerrero further noted that commissioners wanted to know whether the developer was able to complete the project. This is why they requested certain financial documents from Best Sunshine officials and went over the company’s finances.
Best Sunshine is a wholly-owned subsidiary of Hong Kong-listed hotel and casino operator Imperial Pacific Holdings Ltd. Following a comprehensive review of the financial details the company had provided, the Commonwealth Casino Commission found out that it has increased “its solid financial position” and would be able to carry out the project.
During a meeting with commissioners, Mark Brown, CEO of Best Sunshine, together with CFO Jerry Xie and legal counsel Viola Alepuyo, provided more information about the development, describing it as the largest private infrastructure project to be built on Saipan.
When asked about the number of gaming tables and slot machines that will be featured at the future casino, the officials said that they have not decided yet. However, Mr. Xie revealed that VIP gaming tables will probably constitute 40% of all tables to be offered.
The executives also explained that 65% of the people employed at the resort will be locals and U.S. citizens. And commissioners asked the developer to consider the possibility to hire people from Rota and Tinian as well and to offer them free accommodation while working at the hotel and casino complex.
Commenting on the circulating rumors that Best Sunshine has not been paying any taxes for some time now, Commissioners said that this is not true and that the developer has actually been paying its taxes on top of the annual $15-million licensing fee.
Mr. Guerrero said that Best Sunshine operates its properties in compliance with the Commonwealth’s gambling regulations. The company is required to annually pay 5% of its gross revenue. In 2015, it contributed the amount of $23 million in fees and taxes.
