THE Senate Committee on Resources, Economic Development and Programs, the House Committee on Natural Resources and Department of Public Lands officials met in the House chamber on Wednesday to discuss the proposed 40-year land lease agreement with Suwaso Corp. for the public land currently occupied by Coral Ocean Resort. Suwaso operates COR.
The 15-year extension of the current lease contract for property, which includes an 18-hole golf course on As Gonno Road in Koblerville, will expire on Aug. 10, 2026.
Jointly presided by Senate Floor Leader Corina Magofna, who chairs the Senate REDP panel, and Rep. Angelo Camacho, who chairs the House committee, the meeting discussed the lawmakers’ recommendation to revise the proposed land lease deal that will commence on Aug. 11, 2026.
Lt. Gov. David M. Apatang, DPL Secretary Teresita A. Santos, other DPL officials, and Suwaso representative Bertha Guerrero also attended the meeting.
The Senate and the House committees recommended, among other things, a new provision in the lease agreement to define as material default the failure to construct 100 new rooms. They want the provision to expressly state that “lessee shall automatically be in material default of the lease if the lessee shall fail to construct 100 new rooms.”
The committees also want legislative approval of the sublease, any assignment or transfer of the lease to another investor, and the reallocation of $300,000 in public benefit commitment from the construction of a playground to the Carolinian Affairs Office for the construction of a cultural center.
Toward the end of the meeting, Magofna stated that the committee members had assured her of their full support for the outcome of the discussion with DPL.
Lt. Gov. Apatang, for his part, wanted to know when the committees expect DPL to “finalize everything,” so the committees “can sit down and finalize the lease agreement so we can get it moving; hopefully, the sooner the better.”
Magofna said they will need to see a revised draft copy of the lease agreement from DPL. They may call for another joint meeting next week, she added.
She said the Senate and House committees will send the DPL secretary another joint letter that will “reflect everything that we talked about today and will give DPL an opportunity to insert [our recommendations] and send us back the revised draft with everything that we talked about today.”
In the draft lease agreement, the president of Micronesian Resort Inc., the parent-company of Suwaso Corp., is no longer Brian Shin, who, Variety was told, resigned last month. The new signatory to the lease contract as MRI’s new president is Jiwoon Lee.
