25 May 2010

CNMI disappointed over failed Korean leisure investments

8:16 am on 25 May 2010

The Northern Marianas government is disappointed two multi-million dollar leisure developments planned for public land have failed.

South Korean investors had plans to build a one billion dollar casino on Tinian and an 80-million dollar hotel in Marpi.

The Public Lands Secretary Oscar Babauta told the Saipan Tribune the investors failed to shore up funding and the government issued a notice terminating the lease.

Public land in the Northern Marianas is leased to companies including Mobil, Shell and Pacific Telecom for a variety of uses such as golf courses, agriculture, service stations, hotels and manufacturing.

The Public Lands Department says such partnerships fuel a significant part of the local economy.

Mr Babauta told the Tribune the government was looking to the Marpi investment to help during the economic downfall and he's disappointed it will not be realized.