Best Sunshine signs land deal for Saipan project

Best Sunshine International has finally signed a lease agreement with the Department of Public Lands for a parcel of land where the first phase of its $7.1 billion Saipan casino development will be located.

The group signed a 40-year lease on the 19,154 sq. m. of public land in Garapan at the site formerly known as Samoan Housing Area with a negotiated and agreed upon appraisal value of $5 million, five times more than the prior appraisal that set its value at $901,000.

The Hong Kong-listed firm was granted a 25-year license to build and operate a casino on the largest of the Northern Mariana islands in August last year. It has an option to extend for a further 15 years.

It doubled its original budget to $7.1 billion and said it plans more than 4,200 hotel rooms and 1,600 gaming tables.

Latest Intelligence

Latest issue

PATA CEO sees slow recovery, but optimism for future

AGB Podcasts