Best Sunshine: $2 billion financing ‘not a problem’

Best Sunshine International Ltd., the remaining applicant for a license to develop a minimum $2-billion casino resort on Saipan, presented to the Lottery Commission and the public for the first time yesterday parts of its business plan, which includes a 2020 grand opening for a four-phased integrated resort that it hopes will transform Saipan into “the Monaco of the Pacific,” similar to Singapore’s world-renowned Sentosa.

Best Sunshine International Ltd. chief operating officer Terence Tay, right, presents portions of the Saipan casino license applicant’s business plans on Capital Hill yesterday afternoon, while CNMI Lottery Commission consultants look on. Also in photo are casino investigator B2G Global Strategies’ Steven L. Gomez, left, and gaming consultant The Innovation Group of Companies’ Joel Rittvo. (Haidee V. Eugenio)

Best Sunshine is a direct wholly-owned subsidiary of First Natural Foods Holdings Ltd., which will be renamed Imperial Pacific International Holdings Ltd. on May 20.

Meanwhile, Marianas Stars Entertainment Inc., whose application was rejected on May 8 for not depositing $30 million in escrow on time, has sought a meeting with the Lottery Commission on Friday, Saipan Tribune learned. Marianas Stars wants a reconsideration of their casino license application’s rejection.

Best Sunshine chief operating officer Terence Tay, a former state counsel and deputy public prosecutor with the Attorney General’s Chambers of Singapore, briefed the Lottery Commission and members of the public yesterday about the investor group’s plans once given an exclusive Saipan casino license.

“We seek your approval to give us the opportunity to invest no less than $2 billion in this enchanting paradise and work together with all of you to deliver a product that every government will be proud of,” said Tay, formerly with Genting Singapore that wholly owns Resorts World Sentosa.

Tay was part of the steering team that built the Sentosa integrated world resort as a general counsel and head of corporate affairs. Singapore’s Resorts World Sentosa was named “Best Integrated Resort” in 2011, 2012, and 2013 at the TTG Travel Awards, which recognizes the best of Asia-Pacific’s travel industry.

In his presentation, Tay said Best Sunshine will totally fund this investment.

“We have no expectations of subsidies or contributions by your government. We do everything ourselves, with your approval of course,” he said.

In a brief interview with reporters before the commission went into an executive session with its consultants and Best Sunshine, Tay said financing the project is “not a problem.”

The commission has hired two U.S.-based international consulting groups: casino investigator B2G Global Strategies whose principals and investigators include retired FBI and DEA agents, and gaming consultant The Innovation Group of Companies.

Commission members that received the presentation yesterday were chair Sixto Igisomar, who is also the Commerce secretary; Finance Secretary Larrisa Larson, Public Safety Commissioner James Deleon Guerrero, and Deputy Attorney General Gil Birnbrich.

Unlike previous commission meetings, yesterday’s meeting drew members of the public. Gov. Eloy S. Inos also listened to the presentation a few minutes after it started, along with Marianas Visitors Authority managing director Perry Tenorio and other government personnel.

Tay told reporters he is not at liberty to disclose at this time the location for the project but he said Best Sunshine has been actively looking around.

“We really want an iconic building so we need a good location for that,” he said.

When asked about controversies involving First Natural Foods Holdings’ founder and other related firms, Tay said these companies are “subject to various strict Hong Kong [Stock] Exchange rules which is also why I should not comment so much…because anything I comment is going to affect any listed companies’ obligations…” When asked whether they are connected with Emperor Holdings, which is embroiled in controversy, Tay said, “No.”

Tay spent some 30 minutes in presenting parts of Best Sunshine’s business plans during the commission meeting, before it went into executive session.

Accompanying Tay at the meeting were two other Best Sunshine executives and two consultants.

In his presentation, Tay cited examples of challenges and successes they had in planning and building Singapore’s Sentosa to become the integrated resort that is now known worldwide. He said the same experiences, expertise, and planning could be used on Saipan.

He talked about the soon-to-be called Imperial Pacific International Holdings Ltd., the majority owner of which is Inventive Star.

“Earlier this year, Imperial Pacific acquired certain interests in a Macau VIP gaming business with operations in various casinos in Macau including Wynn, Galaxy, MGM, and Venetian. And now we are truly excited about the prospect of moving on to our next investment, which is going to be in the Northern Mariana Islands,” he said.

Tay also briefed those in attendance about the nature of an integrated resort, citing Singapore’s Sentosa resort island as an example. Resorts World Sentosa, spanning 49 hectares, welcomed over 45 million visitors in its first three years of opening. It is home to the region’s first-and-only Universal Studios theme park and the Marine Life Park. Other attractions include a maritime experiential museum, a destination spa, a casino, six unique hotels, a convention center, celebrity chef restaurants, and specialty retail outlets.

With an integrated resort concept, visitors would not run out of activities, most of which are not related to casinos, Tay said. But casinos, he said, would help finance the other attractions and facilities.

For decades, casino gaming in the CNMI was authorized only on Tinian and later Rota. This changed this year when the Legislature and the Inos administration approved a bill authorizing casino gaming on Saipan, citing the need for new sources of revenue to fund the government’s growing obligations, including restoration of retirees’ deferred 25-percent pension since last year.