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$300M casino investor pays DPL arrears of $37,000
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Posted on Aug 01 2011
Casino investor Marianas Resort Development Co. Inc. has settled with the Department of Public Lands its land lease arrears totaling a little over $37,000 plus interest covering the period from September 2010 to May 2011.
DPL Secretary Oscar M. Babauta, in an interview yesterday, said that MRDC not only paid its arrears of a little over $37,000 but also paid the lease for June.
MRDC is also expected to pay its July rental this week, Babauta and MRDC said.
“This is welcome news for DPL. They’re now pretty much up-to-date with their rental payments. This tells us that MRDC is still pursuing its casino investment project on Tinian,” Babauta told Saipan Tribune.
MRDC plans to build a $300-million Matua Bay Casino Resort on Tinian, which includes an 18-hole championship golf course.
DPL and the MRDC office said yesterday that MRDC chief executive officer Lee Kang Yun may be visiting Saipan soon for an update on the status of its project.
So far, Babauta said, MRDC has not scaled down its planned $300 million casino project on Tinian, but made changes to its electrical and cooling system designs to an energy-efficient one.
Back in May, DPL said that MRDC could lose its land lease if it continues to fail paying for its monthly land lease arrears.
“MRDC brought their rental payment up to date. They’re making good on their promise to pursue their project,” Babauta said yesterday.
Another casino investor on Tinian, Neo Gold Wings Paradise, was given up to Sept. 30, 2011, to pay its land lease arrears with DPL of $211,578.96, or there won’t be any further negotiation to reinstate a land lease to build a $1.6 billion to $3 billion casino resort.
Neo Gold Wings plans to build a “six-star” casino hotel and resort, a theme park, and a 36-hole golf course on Tinian.
