The Korean company Neo Gold Wings Paradise has scrapped plans to build a six star casino hotel resort on Tinian in the Northern Marianas.
Neo Gold Wings Paradise had planned to build the US$1.6 billion to 3 billion resort but only managed to pay back $5,000 of over $220,000 in land lease arrears with the Department of Public Lands on Wednesday.
The department's secretary Oscar Babauta told the Saipan Tribune paper that Neo Gold Wings couldn't get enough financial support for the ambitious project, despite years of planning and pursuing it.
The department has now made the 300 hectares of public land available to other interested investors.
