Best Sunshine International and the Saipan Department of Public Lands have signed a lease agreement for a parcel of land where the first stage of the casino development for Saipan will take place. The development is worth $7.1 billion.
The public land in Garapan is 19,154 square meters and the group has signed a lease for 40 years on the site that was once the Samoan Housing area. An agreed upon appraisal of the property was set at $5 million, much more than the previous $901,000 appraisal. The property will be re-assessed in five years and then at 2 and 5 year intervals.
The Hong Kong firm was given a 25 year casino license for the Northern Mariana Islands last August. They also have the option of extending the lease for 15 years. In early March it was announced they had secured approval for a temporary casino. On March 27, the new Commonwealth Casino Commission Rules and Regulations went into effect stabilizing the agreements.
On the 7th May 2015, the Saipan Zoning Board approved the conditional use application of Best Sunshine International Ltd or BSI.
The recommendations of the Zoning Office staff to give the recommended height and parking space modifications have also been approved.
The proposed building and site plan according to Therese Ogumoro, the Zoning administer said that the structure will be 234.7 feet which exceeds the 160 feet condition that is in the district for tourist resort zoning.
This proposed height will be a 14-story casino and hotel resort that will complete the 254 room requirement.
There has been concern from residents about the assurance that the project will be finished and not left unfinished. Joe Ayuyu Jr, who is a zoning board member, said that the zoning license should be revoked if the project is not completed.
Best Sunshine International Limited is a wholly-owned subsidiary of Imperial Pacific Holdings Limited, a Hong Kong listed gaming investor and Macau junket provider.