15 Aug 2014

Billion dollar casino development deal for CNMI

10:21 am on 15 August 2014

The CNMI government has forged the single largest development deal in the territory's recent history.

The $3.14 billion Saipan casino agreement will pave the way for the construction of 2,229 hotel guest rooms.

It will also include 17,000 square meters of total gaming floor area, and a $100-million themed entertainment facility.

The agreement is between the Commonwealth Lottery Commission and Best Sunshine Ltd.'s parent company, Imperial Pacific International.

It comes barely five months since the signing of a controversial gambling law that had already been amended twice and remains a subject of lawsuits.

With the forging of the deal, Best Sunshine's $30 million deposit will also soon be released from escrow.

This will allow the payment of CNMI retirees' deferred 25-percent pension since last year, and the payment of interest on defined benefit plan members' withdrawn contributions.