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2 Titanic casino project investors found suitable
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Posted on Feb 20 2015
The Tinian Casino Gaming Control Commission has found the two major investors in the Bridge Investment Group—Silvia Siu and Xianjun Meng—suitable investors for a casino license on Tinian.
“This is a major decision, and it is good news for both Bridge Investment Group and the people on Tinian,” said commission chair Mathew Masga.
In order to obtain a license to own or operate a casino, investors need to undergo a background investigation to determine if they have the integrity and business acumen to run a casino. Bridge Investment Group met with the Tinian Casino Gaming Control Commission through its investigating agent, Gaming Integrity Services, LLC in October 2014, and agreed at that time to a detailed “path forward” outlining the steps it and its investors had to take to become licensed.
The commission, through Gaming Integrity Services, conducted interviews in December and approved their financing plans. Silvia Siu and Xianjun Meng own an 80-percent equity interest in Bridge Investment Group and they went through the arduous suitability reviews in roughly three months time.
“The process went quickly and smoothly because [Bridge Investment’s] investors were very cooperative and expeditiously submitted the application and background documents we required. The licensing process can go quick and easy when the applicant is cooperative, and not all applicants are,” said Masga.
Bridge Investment Group plans on building a casino/hotel on Tinian that is a replica of the famous Titanic ocean liner that sank in the Atlantic Ocean in 1912.
“The Gaming Commission was very helpful and made the licensing process clear and painless,” said Phillip Long, a representative of Bridge Investment. “All we had to do was follow the procedures set up by the commission. We thank the commission and its staff for making the process so painless.”
The next step for Bridge Investment Group and its investors is to negotiate Section 16 Agreement on the time deadlines to begin construction of the casino and other details. (TCGCC)
