{"id":33119,"date":"2014-04-23T08:40:55","date_gmt":"2014-04-23T00:40:55","guid":{"rendered":"http:\/\/tribune.ctsi-logistics.com\/?p=33119"},"modified":"2014-04-23T08:40:55","modified_gmt":"2014-04-23T00:40:55","slug":"1-part-hk-food-holdings-1-linked-dynastys-owner","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/1-part-hk-food-holdings-1-linked-dynastys-owner\/","title":{"rendered":"1 is part of HK food holdings, 1 linked to Dynasty\u2019s owner"},"content":{"rendered":"

While the Inos administration has yet to release information about the two investor groups that applied for a license to exclusively develop a casino resort on Saipan, Saipan Tribune learned that Best Sunshine International Ltd. is a wholly-owned subsidiary of a food holdings firm listed in the Hong Kong Stock Exchange, while Marianas Stars Entertainment Inc. is \u201cpartly\u201d owned by the new owner of Tinian Dynasty Hotel & Casino, Hong Kong-based Mega Stars Overseas Ltd.<\/span>
\nGovernment records show that Marianas Stars has been incorporated in the CNMI and has a business license in the CNMI.
\nBest Sunshine, meanwhile, has yet to be incorporated in the CNMI and has yet to apply for a CNMI business license as of yesterday.<\/p>\n

Marianas Stars used to be incorporated and licensed under the name Tinian Projects International Ltd. It was on April 15 that Tinian Projects amended its articles of incorporation and directors\/officers, with the CNMI Registrar of Corporation.<\/p>\n

In the morning of April 21, the deadline for filing a Saipan casino license, the now Marianas Stars also requested a change in its business name with the Business License Office.<\/p>\n

That afternoon, Mariana Stars filed the casino license application with the CNMI government.<\/p>\n

Cario Hon, chief executive officer of Mega Stars Overseas Ltd. that now owns Tinian Dynasty Hotel & Casino, did not deny yesterday that Mega Stars \u201cis one of the shareholders\u201d of Marianas Stars Entertainment Inc.<\/p>\n

Best Sunshine<\/strong><\/p>\n

Hong Kong-based Best Sunshine International Ltd. is a wholly-owned subsidiary of First Natural Foods Holdings Ltd., which is incorporated in Bermuda with limited liability.<\/p>\n

As early as February 2014\u2014even before the CNMI House of Representatives and the Senate passed the controversial Saipan casino bill on March 3 and 4, respectively\u2014First Natural Foods or Best Sunshine already announced it has \u201cbeen in contacts and discussions with certain parties in relation to several eco-tourism, entertainment, and gaming business.\u201d<\/p>\n

In the latter part of 2013 and early part of 2014, Gov. Eloy S. Inos, Senate President Ralph Torres (R-Saipan), Senate vice president Victor Hocog (R-Rota), Sen. Frank Borja (Ind-Tinian), Sen. Joaquin Borja (Ind-Tinian), and House floor leader Ralph Demapan (Cov-Saipan) separately and\/or jointly went to Hong Kong to meet with investors that at the time were interested in developing hotels in the CNMI.<\/p>\n

Some lawmakers got to visit Hong Kong, Macau, and Singapore early this year.<\/p>\n

On Feb. 20, Demapan prefiled a bill legalizing casino gaming on Saipan.<\/p>\n

Four days later, on Feb. 24, First Natural Foods\/Best Sunshine directors made the announcement about discussing tourism and gaming business with certain parties.<\/p>\n

Eleven days after the casino bill\u2019s prefiling, the House passed it on March 3 without a committee report or public hearing.<\/p>\n

A day later, the Senate passed the bill, catching many by surprise since the Senate had a track record of immediately killing any Saipan casino bill from the House from as far back as four years.<\/p>\n

On April 15, First Natural Foods announced a proposal to change its name to \u201cImperial Pacific International Holdings Ltd.\u201d to provide a better identification for the company as it further diversifies its business.<\/p>\n

It again mentioned a Feb. 24 announcement that the company\u2019s directors have recently been in preliminary contacts and discussions with certain parties in relation to eco-tourism, entertainment, and gaming business.<\/p>\n

On April 21, the CNMI government\u2019s deadline for submitting applications for an exclusive Saipan casino license, First Natural Foods announced that Best Sunshine submitted a \u201cpreliminary application for the issuance of the Casino Resort Developer License for the Island of Saipan.\u201d<\/p>\n

First Natural Foods also announced that Best Sunshine paid a nonrefundable $1 million application fee.<\/p>\n

This is financed by an interest-free and unsecured shareholder\u2019s loan from Inventive Star Ltd., First Natural Foods\u2019 controlling shareholder.<\/p>\n

First Natural Foods\u2019 board, however, emphasized that the application\u2019s submission and fee payment \u201crepresent a non-binding expression of interest to explore an investment opportunity in the gaming industry in Saipan.\u201d<\/p>\n

It said the final grant of a casino resort developer license depends on various factors and the applicant may or may not proceed further with the application.<\/p>\n

\u201c\u2026and even if the applicant proceeds with the application, the application may or may not succeed. Therefore, shareholders and potential investors of the company are advised to exercise caution when dealing in the securities of the company,\u201d First Natural Foods said in an April 21 announcement.<\/p>\n

The Senate president reiterated yesterday that Best Sunshine \u201cis not the company that we visited, or invited us.\u201d<\/p>\n

Best Sunshine is just among the subsidiaries of First Natural Foods. Sources said CNMI elected officials may have met with representatives or officers of other companies under First Natural Foods.<\/p>\n

Other lawmakers who went to Hong Kong either declined to disclose the name of the investors they met with or \u201cforgot\u201d the name.<\/p>\n

What lawmakers say<\/strong><\/p>\n

Lawmakers, meanwhile, welcomed the fact that there are at least two applicants for a Saipan casino license and this, they said, creates competition.<\/p>\n

Sen. Pete Reyes (Ind-Saipan), one of the five CNMI senators that voted \u201cyes\u201d to the Saipan casino bill, said yesterday that he has \u201calways been in support of competition.\u201d<\/p>\n

\u201cI am pleased that there are two interested parties, although I was really hoping that there would be more,\u201d Reyes told Saipan Tribune.<\/p>\n

The Senate president echoed Reyes\u2019 statement. Torres said he was hoping for more \u201cbut very satisfied with two.\u201d<\/p>\n

\u201cI look forward to seeing their community contribution on top of the required license fee and infrastructure. This will increase the excise tax revenue once the construction phase begins. Thousands of jobs will be available for our people,\u201d he said.<\/p>\n

What\u2019s next?<\/strong><\/p>\n

Press secretary Angel Demapan said the next step is for the deposit of $30 million in escrow by May 5, and the Lottery Commission\u2019s approval or denial of the applications by June 19.<\/p>\n

The expected $30 million will be the one that the CNMI government will use to restore retirees\u2019 deferred 25-percent pension, as the governor promised and as stated in the amended Saipan casino law.<\/p>\n

This comes seven years after Saipan voters rejected for the second time a casino question on the ballot.<\/p>\n

An investor granted a license to exclusively operate a casino on Saipan is required to build a hotel-resort with at least 2,000 rooms and an initial investment of $2 billion.<\/p>\n

For decades, casino gaming was legal only on Tinian and Rota. It was only on March 21 this year that a bill became law allowing casino gaming also on Saipan.<\/p>\n

Right now, the only operating casino in the CNMI is the Tinian Dynasty Hotel & Casino, now owned by Hong Kong-based Mega Stars Overseas Ltd.<\/p>\n","protected":false},"excerpt":{"rendered":"

While the Inos administration has yet to release information about the two investor groups that…<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[56,26,295,338],"class_list":["post-33119","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-business-3","tag-cnmi","tag-hk","tag-hong-kong"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/33119","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\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=33119"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/33119\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=33119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=33119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=33119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}