Best Sunshine International, traded as Imperial Pacific International LLC, a subsidiary of Hong Kong-listed Imperial Pacific International Holdings Limited (HKG: 1076), is attempting to secure $550 million to complete the construction of the Grand Mariana Casino and Hotel in Saipan, according to local sources.

The Post Guam was told by the Commonwealth Casino Gaming Commission’s executive director Edward Deleon Guerrero that Best Sunshine is looking to receive approval from SC Lowy, Standard & Poor, and Morgan Stanley for the funding required to complete the casino. Guerrero said that inquiries had been made by the financial institutions regarding the local casino industry in order to gain an understanding of the commission’s regulatory process, according to CalvinAyre. The executive director also seemed to indicate that the financial institutions are looking at $400 million in funding for the Grand Mariana Resort & Casino, but that report has not been confirmed.

Two years ago, CNMI awarded a license to Best Sunshine International for the operation of  a temporary casino on Saipan. However, Imperial Pacific announced earlier this year that all of the required permits had been received to begin construction on its permanent gaming venue in Saipan, the Grand Mariana Casino and Hotel Resort in the village of Garapan, the center of Saipan’s tourism industry. Already $60 million has been invested by Imperial Pacific on the project for consulting, labor, design, and construction material. And prior to the well running dry, it had vowed to spend as much as $7.1 billion on the construction of the property. Last month, the company announced that its subsidiaries engaged in other business segments are being sold so that it can focus on the development of its gaming business.

Originally, the Grand Mariana was slated to open this December, with the accompanying hotel opening at the end of 2017’s first quarter. No indication was offered by Imperial Pacific that it was planning on shifting those timelines.

Meanwhile, earlier this week, the environmental protection agency for the Commonwealth of the Northern Mariana Islands (CNMI) has reportedly fined Imperial Pacific $100,000 for repeatedly being in violation of permit conditions intended to prevent runoff and contaminants from entering Saipan Lagoon. Apparently, between February and April numerous warnings, fines and cease-and-desist orders had been issued to the company.

One Response

  1. roberto

    Best Sunshine continues to violate CNMI environmental laws by dumping hydraulic and used oil at construction site. Company continues to operate outside US safety regulations on heavy equipment and welding works are not API compliant. Company will face additional enforcement fines on a proposed complete stop work order on June 1, 2016 by the BECQ, the CNMI coastal environmental regulators.

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