{"id":227172,"date":"2016-05-06T06:06:00","date_gmt":"2016-05-05T20:06:00","guid":{"rendered":"http:\/\/www.saipantribune.com\/?p=227172"},"modified":"2016-05-06T06:06:00","modified_gmt":"2016-05-05T20:06:00","slug":"investor-interested-taking-tdhc","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/investor-interested-taking-tdhc\/","title":{"rendered":"Investor interested in taking over TDHC"},"content":{"rendered":"
\"Tinian<\/a>
Tinian Mayor Joey Patrick San Nicolas, second right, and Sen. Francisco Cruz (R-Tinian), left, met with Tim Chen and the Chinese Strategic Holdings Ltd. to discuss their continued interest in the Tinian Dynasty Hotel and Casino and their plans for possibly re-opening the hotel and casino. (Contributed Photo)<\/figcaption><\/figure>\n

An investor is seriously looking into taking over the Tinian Dynasty Hotel & Casino, which hotel remains closed since March and its casino doors shuttered since September 2015.<\/p>\n

According to Tinian Mayor Joey San Nicolas, Chinese Strategic Holdings Ltd., headed by investor Tim Chen, is already in the process of finalizing negotiations for taking over TDHC.<\/p>\n

\u201cThe [current TDHC] owners, Hong Kong Entertainment, which is owned by Mega Stars, I don\u2019t think that they have any plans in the immediate future to open. However, one of their investors, Chinese Strategic, headed by Mr. Tim Chen, they are serious at basically taking over ownership of Tinian Dynasty Hotel and Casino,\u201d San Nicolas said.<\/p>\n

\u201cThey are now in the process of continuing efforts to have them investigated and they are working with Tinian Entertainment Corp.,\u201d he added.<\/p>\n

Tinian Entertainment Corp. is a subsidiary of Chinese Strategic, which is closely associated with Chen. <\/p>\n

Chinese Strategic, a Hong Kong stock exchange trading company, is one of the initial investors with Mega Stars for the purchase of HKE, which currently owns Tinian Dynasty.<\/p>\n

As Mega Stars previously borrowed money from Chen and Chinese Strategic, San Nicolas said the latter parties want to convert debt to ownership.<\/p>\n

\u201cWhat they want to do is they want to convert the debt to ownership and basically take over the ownership of Hong Kong Entertainment or if that\u2019s not feasible, then create a new company that would basically take over,\u201d San Nicolas said.<\/p>\n

\u201cThey want to make a front seat now,\u201d he added, \u201cThey have been investors, now they want to take over.\u201d <\/p>\n

Commission investigation<\/strong><\/p>\n

As a principal of Chinese Strategic and Tinian Entertainment Corp., Chen needs to be investigated and vetted by the Tinian Casino Gaming\u00a0Control\u00a0Commission.<\/p>\n

According to San Nicolas, Chen already visited Tinian and met with TCGCC and was introduced to Gov. Ralph DLG Torres as well.<\/p>\n

\u201cThere is a $50,000 that is required and will be paid soon according to Mr. Chen, so that the commission can do their investigation,\u201d San Nicolas said. <\/p>\n

The commission will have their investigators go to Hong Kong and 45 days after is required to have a hearing and come up with a decision as to whether he is financial suitable.<\/p>\n

San Nicolas added that the investor also disclosed how he intends to address the outstanding liabilities of Tinian Dynasty, which include the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) fines, and moneys owed to the employees and vendors. <\/p>\n

\u201cRemember we still have FinCEN and labor matters,\u201d San Nicolas said, \u201cThose are the things that they have to address so that\u2019s part of their due diligence.\u201d<\/p>\n

In June 2015, FinCEN assessed a civil penalty in the amount of $75 million against the owner of Tinian Dynasty for \u201cwillful and egregious violations\u201d of the Bank Secrecy Act and was determined to have failed to develop and implement an anti-money laundering program to ensure ongoing compliance with the Act.<\/p>\n","protected":false},"excerpt":{"rendered":"

An investor is seriously looking into taking over the Tinian Dynasty Hotel & Casino, which…<\/p>\n","protected":false},"author":51,"featured_media":227182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[1216,959,11379,11380],"class_list":["post-227172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-hong-kong-entertainment","tag-mega-stars","tag-tim-chen","tag-tinian-entertainment-corp"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/227172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=227172"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/227172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media\/227182"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=227172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=227172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=227172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}