Casino applicant Marianas Stars Entertainment Inc. said yesterday that its parent company\u2019s net assets are \u201cmore than five times greater\u201d than those of the parent company of Best Sunshine International Ltd., in response to Best Sunshine\u2019s earlier statement that its finances are better than its competitor. Gov. Eloy S. Inos, meanwhile, reiterated the positive impacts of a minimum $2 billion investment and its multiplier effect on the CNMI economy.<\/p>\n
Cario Hon of Marianas Stars said that Chinese Strategic Holdings\u2019 net assets of \u201cHK$790.638 million is more than five times greater than First Natural Foods Holdings\u2019 net assets of HK$145.535 million.\u201d<\/p>\n
\u201cThe numbers speak for themselves,\u201d Hon said in a statement. \u201cAs competent accountants will agree, the best indicator of a company\u2019s financial strength is its net assets.\u201d<\/p>\n
At a Lottery Commission meeting on Tuesday, Best Sunshine\u2019s Terence Tay said during public comment that \u201cjust in terms of financial capabilities, our company listed on the Hong Kong Stock Exchange has market capitalization of $500 million\u2026I believe our nearest competitor has a market capitalization of 1\/15th of ours.\u201d<\/p>\n
Hon, in response, said rather than debate the subject, he showed the consolidated statement of financial position from the 2013 annual reports of both First Natural Foods and Chinese Strategic Holdings.<\/p>\n
Best Sunshine and Marianas Stars are competing for a license to exclusively develop a minimum $2 billion integrated casino resort on Saipan. <\/p>\n
The Lottery Commission, with the help of consultants, has until June 19 to decide whether to grant a license and to whom.<\/p>\n
The governor, meanwhile, hopes that a license could be issued \u201cand with that, we can release the $30 million and start the program.\u201d<\/p>\n
The $30 million, representing two years of advanced annual license, will be used to restore CNMI retirees\u2019 deferred 25-percent pension and pay the interest on retirement contributions that some government employees withdrew last year. <\/p>\n
Inos also hopes that the two lawsuits filed over the Saipan casino law are not meant to \u201cderail\u201d the project.<\/p>\n
\u201cAnd I\u2019m asking these folks and the public, save for any technical legal issues that may be involved, I\u2019d like to see this project given a chance so they can work. Because in the end, it\u2019s going to benefit the majority of the people within the community and not just Saipan, Rota but Tinian as well, and not just retirees but other members of the community,\u201d he said, adding that utility rates are also expected to go down because LEAC will be subsidized in part by funds from the casino industry.<\/p>\n
Inos reiterated that if the ongoing application process is shot down, the CNMI would be seen as not a business-friendly place.<\/p>\n
\u201cBut again, you can\u2019t stop these people from filing any kind of lawsuit,\u201d he said, but still hoping that those behind the lawsuits will also consider helping the greater majority of the CNMI people.<\/p>\n
When asked if there\u2019s a backup plan, especially if and when the second lawsuit over violation of the Open Government Act succeeds, the governor said it may be the reintroduction of a new bill.<\/p>\n
\u201cIt\u2019s a gamble. We may not be able to get this kind of approval next time around,\u201d he added. <\/p>\n","protected":false},"excerpt":{"rendered":"
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