Alter City signs land deal for $360 Mln Tinian resort

Macau-based Alter City Group Holdings Ltd. and the CNMI Department of Public Lands signed a 152-hectare Tinian land lease agreement for a $360-million casino resort.

The project is scheduled for completion in 12 years and will be built in three phases. The land deal still needs approval from the Legislature, which is expected to vote next week.

Alter City Group plans 1,500 hotel rooms, a water park, an 18-hole golf course, casino facilities, and related tourism amenities.

The signed land lease is for 25 years, with an option to extend for 15 more years for a total of 40 years.

The casino resort will be built on Tinian’s Puntan Diablo, also known as Nasarino.

Alter City Group still has to apply for a casino license.

“What is good for Tinian should be good for the CNMI,” governor Eloy S. Inos said at the ceremony, attended by his Cabinet members, Tinian Mayor Ramon Dela Cruz, and about a dozen executives of Alter City Group.

The resort will be the biggest on the island.

 

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