Grand Mariana Casino Resort is financially sustainable

Information was announced by the Commission’s Executive Director, Edward Deleon Guerrero, having previously met with casino executives to assess Best Sunshine’s ability to complete its project.

Guerrero said in an interview on Friday that the commission was interested in checking the company’s financial records to corroborate if it could substantiate its plans of building a US$500m casino resort. The executive confirmed they received all financial documents requested, which prove that the company is financially able to compete the project.

“It is our duty and responsibility to determine that they are financially able to complete the project,” said Casino Commission Executive Director. They have provided us with documents and our auditors are going over these reports and to date Imperial Pacific has shown that it has increased its solid financial position to complete the project.”

Best Sunshine International, a subsidiary of Hong Kong-based Imperial Pacific Holdings, beat off competition from Marianas Stars to receive a license to build and operate a leisure and entertainment venue. Mark Brown, Best Sunshine chief executive officer and Jerry Xie, chief financial officer provided on Friday the casino commission with updates regarding what they claim is the largest private infrastructure development project ever to be constructed on Saipan.

Asked how many VIP rooms, tables and machines Grand Mariana will have, the BSI officials responded that, for now, they don’t have an exact number; however Xie said the VIP tables will be roughly 40 percent of all tables.

At the meeting, the commissioners asked the developer to consider hiring staff from Rota and Tinian and to provide them with free housing accommodations. Brown said they have met the local workforce requirement, adding that 65 percent of their personnel are locals/U.S. workers, but added that they will look into the commissioners’ request.

The Executive also denied rumours of the company not paying casino taxes on top of its US$15 million annual casino licensing fee.

“Best Sunshine is paying 5 percent of the business gross revenue tax rate. We are also tracking their tables and machines, and we license their employees so we have our ways of monitoring and tracking them. As far as the casino regulations are concerned, Best Sunshine is in compliance with the law and they are paying taxes,” remarked Guerrero.