5 May 2014

Big surety required of CNMI casino hopefuls

6:31 am on 5 May 2014

The two applicants vying for the casino licence on Saipan in the Northern Marianas today have to deposit 30 million US dollars into an escrow account, to ensure their bids stay alive.

The CNMI Lottery Commission last week accepted two applications for the Saipan casino resort which is expected to cost about two billion US dollars to develop.

If both Marianas Stars Entertainment and Best Sunshine International Ltd make today's payment the Commission has a month to choose the better offer.

The funds generated by the casino licence will be used to restore cuts made to pensions, among other social spending.