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Fate of Alter City land lease will be decided Friday
The fate of Alter City Group’s proposed $360-million casino resort project on Puntan Diablo on Tinian will be decided this Friday.
That’s the date when the House of Representatives and Senate will be convening a joint session to vote on the land lease agreement between the Macau-based investor and the Department of Public Land.
Public Lands Secretary Pete A. Tenorio urged the Legislature to approve the lease agreement that involves 152 hectares of public land situated in San Jose, Tinian.
Speaking before last Thursday’s joint session of the House Committee on Natural Resources and Senate Committee on Resources, Economic Development and Programs, Tenorio said he would’ve not signed off on the lease if he doesn’t believe it will benefit the Commonwealth.
He said Alter City has already proven it is serious in undertaking the mammoth project by advancing five years’ worth of land lease payments to DPL.
Alter City officials, led by president and board chair Leong Kin Ian, turned over to Tenorio and Gov. Eloy S. Inos a check worth $664,000 during a preliminary land lease signing agreement at the Office of the Governor last Sept. 25. The check represented $300,000 security deposit and $340,000 in advance land lease rent.
Tenorio also reiterated during the joint session last week that he expects the Tinian casino project to have a gross revenue of over $1.436 billion in 25 years. This, of course, excludes ancillary business Tinian will receive from the $360-million development.
The proposed land lease agreement between Alter City and DPL calls for an initial 25-year lease with the option to extend for 15 more years.
The three-phased project includes the construction of 1,000 hotel rooms, water parks, an 18-hole golf course, villas, casino facilities and related tourism amenities, to be completed within 12 years.
