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‘More firms applying for casino license’
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Posted on Apr 05 2006
More companies want to apply for a casino license on Tinian, according to the Tinian Casino Gaming Control Commission.
“There have been many companies who have picked up casino applications in the past few months and there are more expected to meet with the TCGCC [this month],” said commission chair William Cing.
TCGCC imposes a non-refundable $25,000 application fee for each applicant.
Four companies have been issued casino licenses since the creation of the regulatory body but one license, which was granted to Lone Star Casino, was revoked several years back.
The three other active casino licenses belong to the Tinian Dynasty Hotel & Casino, Tinian Marine Sport, and Bridge Investment Group. Only Tinian Dynasty is fully operational since 1998.
The other two license holders are just in the preliminary stage, getting the necessary permits to start their projects.
Cing said the commission conducts its own investigation of the applicants before issuing permits. He said the investigation focuses on “the background of each applicant, each financier, and of the management companies.”
The commission consists of five commissioners and 26 employees, who are all paid to oversee the casino and gaming industry on the island.
The Fitial administration has already signed agreements with two companies, Marianas Resort and Development Corp. and Cordish Company, in connection with their plan to set up casino operations on Tinian.
Cordish Company reportedly wants to build a $200-million casino and golf course project on Tinian, while Marianas Resort plans to put up a similar project, which will cost $170 million.
These agreements, however, do not constitute casino licenses.
The companies would have to apply directly with the commission if they want to pursue their projects.
