SENATOR Karl King-Nabors said the Tinian Dynasty Hotel and Casino lease termination could dissuade future business investments on Tinian.
“The Tinian leadership was not given any notice of [the Department of Public Land’s notice of termination] so it did come as a surprise,” he told Variety. “This new development is significant as it will make it that much more difficult to attract a new investor to take over the rehabilitation and re-opening of that facility.”
Last week, it was reported that Tinian Dynasty owes the CNMI $161,170.43 in rent, going back as far as 2016. The hotel-casino, which opened in 1998, has been closed since 2015, Variety files state.
Prior to shuttering the property, hotel investor Hong Kong Entertainment Investment Ltd. was ordered by federal authorities to pay a fine of $75 million for failing to follow anti-money laundering procedures.
DPL Secretary Teresita Santos notified Hong Kong Entertainment Investment Ltd. that their lease was in default back on Sept. 8.
King-Nabors said he respects DPL’s decision.
“DPL, as the trustee for public lands, has the obligation to ensure that public lands are managed and used for the economic benefit for the people, so I respect their decision and the steps that they have taken to ensure that public lands are being used in a manner consistent with their constitutional mandates,” he added.
He said he and the rest of the Tinian leadership are now considering their next steps.
“The mayor and the Tinian leadership have invested a lot of time and effort to find a way to attract new private investments to Tinian,” Nabors said. “One of the ideas that we’ve been debating, specific to the Dynasty issue and other abandoned commercial structures, is to amend the Qualifying Certificate law to provide incentives to investors that are willing to revitalize buildings that are considered ‘eyesores.’ ”
He added, “While it’s important to go out and collect what is owed to the government from any investor who owes the Commonwealth, it is also important to the community that these blighted buildings are revitalized, especially when they are located in prime areas, which impact the CNMI’s marketability.”
Aside from Tinian Dynasty, DPL has also terminated the land leases of the Rota Resort and Country Club as well as a Tinian hotel and casino project of Alter City Group.
Karl King-Nabors
