BSI open to early advance of $20M community chest fund
Gov. Ralph DLG Torres and Best Sunshine International, Ltd. have discussed an early release of the casino license mandated “community chest fund” of $20 million, Saipan Tribune learned.
Per the 2014 licensing agreement, Best Sunshine has to release the $20 million to the CNMI government within 60 days after they start work on “Phase 1” of their project.
Some think that’s the Grand Mariana Casino Resort currently undergoing construction in Garapan, but that project, is BSI’s “initial gaming facility” per its license, and the community chest fund will be released on the “next building,” eyed in Marpi, for “an end of 2018 payment,” according to CEO Mark Brown.
“If there is monies needed in advance, are we open to discuss that? Absolutely. And that’s what the conversation was about,” Brown said, when asked about the casino’s discussions with the Torres.
Brown said they have had close discussion on how they can continue to help the community, noting community needs and assistance to get the island back on track after Typhoon Soudelor last year.
On advancing the chest fund money early, Brown said this was “one piece of the conversation among multiple pieces.”
“Would you ever give the $20 million sooner? If you need it. Would you ever do this, would you build us this? Yes. We’ve had many discussions, whether it’s on schools, public buildings, or on whether it’s giving the chest fund earlier. It was part of a conversation with many different components.”
Two issues emerge as prominent on this discussion: 1). The government is financially stressed. 2). The $20 million, if not specifically earmarked under the law, must be given to the legislatures for supplemental appropriation. Please do your due diligence and secure an understanding of the principle of separation of powers.
This NMI Govt. has proven time and time again they are incapable of handling any money.
Now they are going to “borrow” against the future with no thought of what will happen in between and also when the time to actually receive those funds nothing will be there. Just as on the 5th year there will be no $15 mill for the license fee.
I wonder what they plan to do with that $20 mil, they can’t even pay CUC with that.
These elected have not and cannot learn how to handle money, all they know is how to drool over the prospect of receiving large sums and attempting to figure out a way to get it in their pockets.
But then again, what do you expect from a bunch of uneducated proven failures that cannot even handle their own personal finances along with many haveing had failed business.