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Neo Gold Wings misses deadline; will be here next week
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Posted on Sep 30 2011
Neo Gold Wings Paradise missed yesterday’s deadline to pay its land lease arrears totaling over $211,000 by Sept. 30 but the Department of Public Lands said that company chairman and chief executive officer Joseph Hyun will be here next week.
Neo Gold Wings has long planned to build a casino resort on Tinian for $1.6 billion to $3 billion.
DPL Secretary Oscar M. Babauta said yesterday that the Neo Gold Wings official informed him that his flight to Saipan will be delayed to Tuesday or Wednesday.
Hyun didn’t indicate whether Neo Gold Wings will pay the land lease arrears when he visits in a new few days.
“They asked for a few days. After that, we’ll see. I’m giving him the benefit of the doubt,” Babauta told Saipan Tribune.
Babauta said if Neo Gold Wings does not pay its arrears, Neo Gold Wings and DPL cannot proceed with negotiations to reinstate a land lease to build its casino on Tinian.
As of this time, DPL hopes that Neo Gold Wings will at least pay its debts to the CNMI.
Neo Gold Wings’ groundbreaking on Tinian was held in July 2009, but monthly land rental payments have since not been paid. This led to DPL terminating Neo Gold Wings’ lease on 300 hectares of public land in August 2010 for non-payment of monthly rental since the latter part of 2009.
In April this year, Neo Gold Wings said it will pursue its project and asked DPL for another chance. DPL said it can only renegotiate if Neo Gold Wings pays its land lease arrears plus make a one-year advance payment.
