Neo Gold Wings Paradise's estimated $1 billion casino hotel and resort project on Tinian broke ground yesterday, with Gov. Benigno R. Fitial, NGP chair Hyun Myung and other dignitaries touting it as among the largest attractions in the region.
Among the investment partners is billionaire Stanley Ho, who controls 19 of Macau's casinos, and operates ferry and helicopter services that transport gamers from Hong Kong.
Ho sent representatives to Neo Gold Wings' groundbreaking yesterday afternoon, officials said.
Fitial, in a prepared speech, said despite the global economic downturn, there is still substantial investment capital available for projects of this magnitude because of entrepreneurs with a vision and an idea for success.
“The international NGP investors believe, as we do, that Tinian is a special place with much potential. And NGP is moving to realize this enormous potential with their vision and their investment capital,” the governor said.
Sen. Jude U. Hofschneider (R-Tinian) said yesterday that, with investment partners such as Stanley Ho, the Neo Gold Wings casino and resort project is a big boost to the CNMI economy. Ho is a longtime member of the Forbes billionaires' club
“It has reputable financers, investment partners. This is a very promising development and the biggest investment in the region,” Hofschneider said, adding that more jobs will also be created as a result of the project.
Neo Gold Wings, he said, will now work on securing necessary environmental permits. The project is described as a “six-star,” 1,000-room mega hotel resort/golf course and casino.
Federalization
Hofschneider said Neo Gold Wings is also focusing on Japanese and Korean markets, cushioning the impact of Chinese's exclusion from the CNMI-Guam Joint Visa Waiver Program come Nov. 28.
Neo Gold Wings is one of three groups of investors planning to put up a casino on Tinian.
Bridge Investment Group halted construction at the site because of uncertainties involving the federalization of CNMI immigration and the exclusion of its main target market-Chinese, along with Russian tourists-from the joint visa waiver program. Another investor, Marianas Resort Development Corp., plans to build a $300 million Matua Bay Resort.
So far, only Tinian Dynasty Hotel and Casino, which relies heavily on the Chinese tourist market, is operational on the island.
The Neo Gold Wings groundbreaking came a day after its executives met with Fitial, Lt. Gov. Eloy Inos and Public Lands secretary John Del Rosario at the governor's office on Capital Hill to present their revised architectural and engineering design.
Fitial and Hofschneider said changes in the design raised the investment value from $300 million to $1 billion.
“The investment commitment has now substantially increased. When completed, this project will be the largest development project in the CNMI. It will be a major attraction in the region, and it will be among the largest in the region. If we build this project, tourists will come and other projects will emerge, bringing more investment into our islands. This casino-resort project is the ultimate form of destination enhancement for the CNMI,” the governor said.
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