Guam – Marianas Stars Entertainment Inc. and Best Sunshine International Ltd. last Monday submitted their respective business plans to exclusively develop a minimum $2-billion casino resort on Saipan.
Along with the submission of their business plans, the Saipan Tribune reports that two Hong Kong-based investor groups also deposited $30 million each in escrow.
The $30 million deposit—representing a two-year license fee for the winning applicant—will be used to restore retirees’ 25-percent pension cut.
Press secretary Angel Demapan said getting the two proposals is a sign that there is really a great interest to develop the casino industry on Saipan.
It is now up to the Lottery Commission to pick a winning applicant by June 19. The applicant who will not be chosen will get back its $30 million.