Macau investor awards Saipan casino

The Northern Mariana Islands Federal Lottery Board (CNMI) has granted an exclusive casino license to Best Sunshine International Ltd, a subsidiary of Hong Kong-listed Imperial Pacific International Holdings Ltd.

Imperial Pacific, which invested in the revenue streams of Macau VIP operator Hung Sheng Group, said in a filing with the Hong Kong Stock Exchange on Tuesday that its subsidiary had been granted a license to Saipan.

Marianas Stars Entertainment Inc was another bidder in the process.

"We are obviously disappointed with the results," Sean King of business advisory firm Park Strategies LLC and a consultant at Marianas Stars told GGRAsia.

"However, since the Lottery Commission has granted exclusive licenses to Saipan, we want to make sure that investment in Tinyan is economically viable," he added.

Mr King was referring to a casino investment on nearby Tinian Island by Hong Kong-based Mega Stars Overseas Limited, the parent company of Mariana Stars.

Best Sunshine was chosen by a 4-0 vote, the Saipan Tribune newspaper reported. Sixto Igisomar, the chairman of the four-member lottery committee, was not immediately available for comment outside regular business hours.

Imperial Pacific said in a statement on Tuesday that its 40-year license was "conditionally approved under agreement between CNMI and the applicant on the terms and conditions of the license."

Representatives for Best Sunshine will now meet with lottery commission officials to discuss the terms of the casino license award, it added.

Imperial Pacific, formerly known as First Natural Food Holdings Inc., suspended trading in its shares on Tuesday. It said trading would resume on Wednesday morning.

Last Friday, a bill aimed at resolving the ambiguity of the Saipan Casino Act was signed into law. The bill fully empowered the lottery committee to award licenses.

Tuesday's decision follows an announcement on Monday in which two U.S. consultants recommended Best Sunshine over Marianas Starz, the Saipan Tribune reported.

Best Sunshine will need to make an initial investment of at least $2 billion to build a 2,000-room, multi-level casino resort. The company plans to build four luxury hotels, which will include "private game rooms and utilities," Imperial Pacific said in a previous filing.

Imperial Pacific previously said that if it obtained a casino license in Saipan, it would distribute a total of $10 million in cash vouchers to all local adults born in Saipan.

BY: 프라그마틱 슬롯 사이트