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Firm breaks ground today for new casino
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Posted on Apr 03 2006
Government officials and other dignitaries will join Marianas Resort Development Co. Inc. in a ceremonial groundbreaking today for a new casino project on Tinian.
MRDC will break ground for the $170-million hotel casino and golf course development project.
Gov. Benigno R. Fitial and MRDC chairman and chief executive officer Kang Yun Lee will lead the ceremony to be held at 11am at the Matua Bay Resort pavilion on Tinian.
MRDC is one of the three investors that have recently expressed commitment to develop a casino on Tinian. The two others are Bridge Investment Group and Cordish Company, which look to invest about $150 million and $200 million into their respective casino projects.
Last month, MRDC signed a memorandum of understanding with the Department of Public in relation to the company’s investment.
MRDC had previously submitted a development proposal to the defunct Marianas Public Lands Authority, but it was not acted on. MRDC later resubmitted its proposal to DPL, the successor of MPLA.
Phase I of MRDC’s project will be completed after an initial investment of more than $170 million. It will involve 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 initial phase, expected to take 16-24 months, will also culminate in a completion of an 18-hole championship golf course, the first on the island of Tinian.
Phase II of the project will involve the construction of luxury bungalows and additional rooms at the hotel casino.
