INVESTORS PLAN MULTI-BILLION HOTEL PROJECT FOR

admin's picture

CNMI
Korea, China, U.S. group discuss six star casino on Tinian

By Haidee V. Eugenio SAIPAN, CNMI (Saipan Tribune, May 19, 2011) - Neo Gold Wings Paradise Casino and Hotel brought to the CNMI yesterday investment partners from Korea, China, and the U.S. to build their planned US$1.6 billion to US$3 billion projects that include a six-star casino hotel and resort, a theme park, and a 36-hole golf course on Tinian.

Neo Gold Wings chairman and chief executive officer Joseph Hyun and NGP vice chair Kwi Dong Woo led the 14-member investor delegation, along with their staffers.

Hyun said once they settle issues related to their public land lease and permits, they may be able to start construction projects within the year.

The group met with Lt. Gov. Eloy S. Inos, Tinian Mayor Ramon Dela Cruz, Public Lands Secretary Oscar Babauta, Marianas Visitors Authority managing director Perry Tenorio, and other CNMI officials in one of the conference rooms at the Department of Public Health yesterday afternoon.

Inos said the Fitial administration is glad that Neo Gold Wings is back, "stronger" than before.

He asked Neo Gold Wings and its investment partners to accelerate the construction of the project.

Among the investors that Neo Gold Wings is partnering with are Hyundai IT Co. Ltd., KDA Group of China, German Hacker, England Vitaller, Woo Dy IT National Co. Ltd., Lusenes Real Estate Co. Ltd., and Beijing Huagao Yongdao Investment Consulting Co. Ltd.

DPL's Babauta said he and Neo Gold Wings officials will be meeting today to talk about the investor's public land lease, which was terminated because of unpaid land leases.

He said DPL will decide whether to reinstate the already-terminated land lease or negotiate a new one that will have to get the nod of the Legislature.

Neo Gold Wings's land lease payment arrears amount to some US$173,000 as of May 31.

They abandoned their leased land, until DPL terminated the lease. Neo Gold Wings came back this year, telling DPL about their plans.

Hyun told reporters that Neo Gold Wings will be paying their unpaid land leases to DPL.

DPL is also requiring Neo Gold Wings to make a one-year advance lease payment and a $3 million security deposit.

The decision on these matters will be known today.

Tinian Mayor Dela Cruz, for his part, said this is an "exciting time for Tinian" and the CNMI, citing the foreign investors that have come forward to invest on the islands.

The group will also be visiting Tinian today.

At the meeting yesterday, Neo Gold Wings' Hyun and Beijing Huagao Yongdao Investment Consulting Co. Ltd. managing director and chief consultant Fuming Huang signed a memorandum of understanding for the construction of close to 800 cottages on Tinian as part of their project.

The first of the two-phased project includes the construction of a 36-hole golf course and close to 800 cottages. The second phase includes a hotel and casino and a theme park.

Rate this article: 
No votes yet

Add new comment