TINIAN Dynasty Hotel & Casino has lost its lease with the Department of Public Lands after failing to pay a total of $161,170.43 in rent since 2016.
In a notice of termination dated Sept. 8, DPL Secretary Teresita Santos informed Kwan Man, president of Hong Kong Entertainment Investment Ltd., which owns the hotel, that their lease was in default.
Article 16 of the lease agreement requires payment within 90 days of its due date. According to the notice of termination, HKE Investment failed to make payment when due on June 1, 2016.
The notice of termination further stated that on Sept. 23, DPL may enter the premises of the defaulted property to “take possession of all buildings, fixtures, and improvements and evict [HKE Investment] without liability of trespass.”
HKE Investment may appeal DPL’s decision.
Variety files state the Tinian Dynasty Hotel and Casino, which opened in 1998, has been closed since 2015, months after it was fined by the U.S. Treasury Department $75 million for failing to follow anti-money laundering procedures.
Recently another investor, Alter City Group, was also found to be in default of its lease with DPL for a $360 million casino resort project on Tinian.
