CNMI casino loses licence

7:47 pm on 12 May 2016

The Tinian Dynasty Hotel & Casino has had its casino licence cancelled after failing to comply with audit requirements in the Northern Marianas.

Dynasty casino, Tinian, CNMI.

Dynasty casino, Tinian, CNMI. Photo: RNZ / Mark Rabago

Last week Chinese Strategic Holdings said they were keen to take over the operations after exchanging Dynasty's debt into equity and purchasing Tinian's lone existing casino.

Under law, a casino operator is required to have its accounts and financial statements audited.

Dynasty also failed to maintain separate bank accounts for banking transactions related to the casino.

The company was also cited for turning over control of the casino to people who had not gone through a suitability check.

Dynasty's casino operations have been closed since September 2015, while the hotel has been shut since March.