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Fast-tracked processing for new investments
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Posted on Mar 15 2006
The Fitial administration has vowed to expedite the processing of permits needed for new investments to the Commonwealth.
Press secretary Charles Reyes Jr. said that the administration would help investors succeed in complying with environmental and regulatory requirements.
“We want to help investors achieve their goals within the parameters of CNMI laws and regulations,” he said.
The administration issued this statement amid reports that at least three major investors had expressed commitment to establish new casino hotels on Tinian.
Last week, one of the casino investors said it had encountered delay in securing an environmental permit for minor land clearing. Bridge Investment Group needed to clear some part of the future casino site so the company’s architectural and engineering firm could take pictures of the property’s topography.
Phillip Mendiola Long, Bridge Investment vice president for CNMI operations, said yesterday that the Division of Environmental Quality issued the permit on Friday, March 10, 2006.
He added that DEQ and Historical Preservation Office personnel were currently in the area supervising the land clearing operation.
Bridge Investment is looking forward to the administration’s cooperation when the investor applies for the major siting permit later this year, Long said. This permit is needed for major construction activities and has more requirements.
Bridge Investment intends to build a $150-million hotel and casino three miles south of Tinian Dynasty. A soft opening is slated for December 2007, to be followed by a grand opening in April 2008.
Two more companies— Marianas Resort Development Co. Inc. and Cordish Company—and another undisclosed company from Connecticut are also planning to construct casinos on Tinian.
MRDC reportedly looks to invest $170 million into a new casino and golf course, while Cordish will put in a minimum $200 million investment.
