Alter City raises Tinian investment by $60m

Macau-based investor and casino developer, Alter City Group, has raised its investment in a planned casino on Tinian in the Northern Marianas from $300 million to $360 million.
The company raised its planned investment to coincide with a Department of Public Lands’ submission to the Legislature of a “draft” lease agreement between DPL and Alter City Group involving 152 hectares of public lands.
DPL Public Lands Secretary Pete A. Tenorio submitted a draft lease agreement with Alter City Group for up to 40 years, including an initial 25-year lease with the option to extend for a further 15 years.
The project, over three-phases, includes construction of a 1,000 room hotel, water parks, an 18-hole championship golf course, villas, casino facilities and related tourism amenities, all to be completed within 12 years. Alter City Group also still has to apply for a casino license.
DPL expects the Tinian casino project to have a gross revenue of over $1.43 billion in 25 years.
Tenorio said once the proposed lease is approved, Alter City Group will pay a security deposit of $300,000.