Senate President Francisco M. Borja (Ind-Tinian) blames the $75-million fine slapped by a federal agency on the Tinian Dynasty Hotel & Casino for driving away potential investors.<\/p>\n
Borja said the $75-million fine imposed by U.S. Department of the Treasury\u2019s Financial Crimes Enforcement Network, commonly known as FinCEN, keeps investors away from taking over Tinian Dynasty.<\/p>\n
Last year, FinCEN found out that Dynasty owner Hong Kong Entertainment (Overseas) Investors failed to implement an anti-money laundering program that would have kept the company in compliance with the U.S. Bank Secrecy Act.<\/p>\n
Tinian Dynasty remains closed after ceasing operations early this year. <\/p>\n
Borja added the Dynasty has also become a liability for Tinian.<\/p>\n
\u201cThe Dynasty remains closed but there\u2019s a developer that wishes to take over the operations but FinCEN is the problem. I don\u2019t think a developer would want to come in and pay $75 million [in fines],\u201d said Borja.<\/p>\n
He said any investor would shy away from the deal, thinking why would they pay the huge fine that was not their doing. \u201cThat\u2019s what holding them back. It is somebody else\u2019s problem.\u201d<\/p>\n
Borja said the investor even negotiated with FinCEN to lower the fine but the federal agency is not budging an inch. \u201cThey [FinCEN] maintain their position that if [you] want to take over and invest [you] should pay the $75 million fine.\u201d<\/p>\n
\u201cThe liability attached to Dynasty is the main concern and problem. [Another of] our concern, with the Dynasty remaining closed is the facilities are becoming dilapidated. It would be costly renovating or improving it,\u201d he added.<\/p>\n
Borja said the Tinian leadership and the Tinian Casino Gaming Control Commission are trying to find other ways to make the facility useful again or have new investors\u2014either an individual or a group\u2014come in and take over the operations.<\/p>\n
\u201cIt would be a lot sooner to have somebody take over and run it. I\u2019m optimistic the leadership would address it and find some solution, I think we\u2019re going to see the Dynasty reopening.\u201d<\/p>\n
There are a couple more projects being developed on Tinian, one of which is the Alter City Group\u2019s multibillion-dollar hotel resort and golf course. Bridge Investment Group is another investor that plans to build two hotels and in the process wants to reopen the inter-island ferry between Tinian and Saipan.<\/p>\n
\u201cThere are still ongoing projects. I\u2019ve heard that Alter City just got their notice and permits completed. [Department of Public Lands] still has some concerns, but I think they are still meeting with DPL officials to clear things up before they begin construction,\u201d said Borja.<\/p>\n","protected":false},"excerpt":{"rendered":"
Senate President Francisco M. Borja (Ind-Tinian) blames the $75-million fine slapped by a federal agency…<\/p>\n","protected":false},"author":48,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[900],"tags":[54,5111,2199,14790],"class_list":["post-242906","post","type-post","status-publish","format-standard","hentry","category-featured","tag-agency","tag-bank-secrecy-act","tag-bridge-investment-group","tag-senator-dynasty"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/242906","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\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=242906"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/242906\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=242906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=242906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=242906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}