Previous Story
Neo Gold Wings assures paying $211K debt by Sept. 30 deadline
|
Posted on Sep 15 2011
By Haidee V. Eugenio
Reporter
Reporter
Neo Gold Wings Paradise told the Department of Public Lands on Tuesday that they will meet the Sept. 30 deadline to pay their land lease arrears, which will total over $211,000 by the end of this month, so that both parties can proceed with a negotiation to reinstate a land lease to build an ambitious $1.6-billion to $3- billion casino resort on Tinian.
DPL Secretary Oscar M. Babauta said yesterday that Neo Gold Wings chairman and chief executive officer Joseph Hyun sent him an email on Tuesday, informing him that they will be on Saipan before the end of September to settle their obligations.
Babauta said DPL won’t be further extending the Sept. 30 deadline.
“They expressed continued interest and [are] now finalizing their financial strategy,” Babauta told Saipan Tribune yesterday.
The DPL official also said that Hyun indicated another site visit to Tinian in November.
“I am relieved and elated that they have not forgotten about their commitment, especially to Tinian,” Babauta said.
But if Neo Gold Wings fails to pay its past debt in two weeks’ time, DPL said it will scrap further negotiations.
Babauta, at the same time, said there’s another group of investors eyeing a San Roque property-the same lot where three other groups of investors had considered for their hotel projects that were later scrapped.
This fourth group of investors is based in China, and engaged in real estate development.
“We are now talking to their representative in the CNMI. Their initial plan is to build a condo-tel on the property. They’re still in exploratory stage and we can’t disclose their names at this time,” he said.
Island Ventures LLC just recently scrapped its plan to build a new $60-million five-star hotel on the same 5.1-hectare of public land in San Roque, north of the former The Palms, citing corporate restructuring and economic uncertainties.
Flame Sako had also planned to build an $80-million hotel, and Leisure Planner, a $120-million hotel, on the property but scrapped their plans for different reasons.
