New casino applicant enters MOU with TCGCC, HKE

Tinian Entertainment Co., Ltd, a CNMI incorporated entity, announced the company has entered into a legally binding memorandum of understanding with the Tinian Casino Gaming Control Commission and Hong Kong Entertainment (Overseas) Investments Limited with the intention to proceed with the transition in operation of the Tinian Dynasty Hotel & Casino.

“The signing of the MOU confirms Tinian Entertainment’s interest in pursuing the operation of Tinian Dynasty, and a major step forward for us to become a part of the local community,” commented Wilfred Lam, director of Tinian Entertainment Co., Ltd and chairman of Chinese Strategic Holdings Ltd., the parent holding of TEC. “Our team has been working diligently with the Gaming Commission on the requirements for our path to licensure, and we are committed to comply with all local and federal regulations.”

On July 1, 2015 TEC submitted the casino license application fee of $200,000 to TCGCC. The application fee was in support of the company’s petition for TEC application for casino license and request to initiate suitability investigation of all officers and directors, filed earlier on May 22, 2015.

According to the company’s record, TEC has completed filing of its business disclosure form, and the personal history disclosure forms, income tax filings, bank statements, finger prints, criminal history check, and credit reports of its two directors on May 22, and an investigation fee of $100,000 has been filed with the commission on Feb. 17, 2015.

TEC is currently waiting for TCGCC’s review of its submission, and the parties of the MOU envision that after the application is deemed substantially complete, the suitability investigation of TEC relating to the new casino license will be completed within 90 days. Meanwhile, the Parties also envision that TCGCC will issue an Interim Casino Authorization to TEC upon preliminary finding of suitability, a process which shall take between 15-40 days to complete.

On the path to licensure, TEC will engage Spectrum Gaming Group, a formidable gaming research and professional services firm based in New Jersey, who has worked with governments, regulators, investors and gaming operators from around the world for the upgrade and development of Tinian Dynasty. Leveraging on Spectrum’s research and expertise, TEC will formulate a business and operational plan to ensure ongoing best practices in BSA/AML compliance when the company is granted authorization to operate.

Upon TEC’s takeover of Tinian Dynasty, Tinian’s gaming industry will embark on a new era witnessing the participation of a public company, operating with transparency and accountability. “We thank the gaming commission, the leadership, and the people of Tinian for their support of our rehabilitative efforts. We are confident, with the on-going help of Spectrum, the community, including the gaming commission and leadership of Tinian, the Tinian Dynasty will be thriving again soon,” Lam added.

As outlined in the MOU, TCGCC agrees that TEC shall not be held responsible for any alleged violations of the Gaming Act or its regulations committed by HKE.

On March 24, 2015, TEC has entered into an operating agreement with HKE for the takeover of Tinian Dynasty, and the agreement will be revised and resubmitted to TCGCC for review and approval under the MOU. (PR)