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New Tinian casino MOA signed
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Posted on Apr 02 2006
The Fitial administration signed last week a memorandum of agreement with Baltimore-based Cordish Company for a $200-million casino and golf course project on Tinian.
Gov. Benigno R. Fitial said the agreement was signed Tuesday.
Cordish Company is the second casino MOA signed by the administration.
It earlier signed an agreement with Marianas Resort Development Co. Inc., which plans to build a $170-million casino and golf course project on Tinian.
Fitial said Friday that MRDC will break ground on Tuesday.
Under the casino law, Tinian can issue up to five casino licenses.
Right now, only one operator has the license, Tinian Dynasty Hotel & Casino, which began its operations in 1998.
The Fitial administration said all five slots are essentially taken now.
Aside from MRDC and Cordish Company, the administration said it has found another company that could take the final casino license being granted by the Tinian Casino and Gaming Commission.
Last year, Bridge Investment Group, received a conditional license to set up its proposed $150-million to $200-million hotel casino.
The project includes the construction of a 300-room hotel casino, with 100 full suites and 200 junior suites, four full-service restaurants, a spa, wedding chapel, shopping arcade, and a convention facility that will accommodate 600 people.
The project also includes the construction of an 18-hole championship golf course, the first on the island of Tinian.
Construction of luxury bungalows and additional rooms at the hotel casino are also planned as expansion projects.
Meantime, TDHC remains confident that it can compete with the new investors.
It said that it would also benefit from new investments as these enhance the island as a tourist destination.
