The Tinian Casino Gaming Control Commission revoked and cancelled two conditional casino licences and one plenary licence for failure to meet the imposed conditions, the Saipan Tribune newspaper reports.
The revocation and termination was effective on October 9, as the companies failed to comply with the Tinian Gaming Act and regulations, the commission was quoted as saying.
Gaming authorities on Tinian, in the Commonwealth of the Northern Mariana Islands, a U.S. territory, revoked the licences of Marianas Resort Development Co Inc, led by Kang Yun Lee, Neo Gold Wings Paradise Saipan Corp and HW Gold Island Holding Ltd.
In its decision, the commission said the lack of progress in the projects “has failed to bring about the economic development that has been much needed on the island”.
The Saipan Tribune reports that the commission is looking toward a more formal and competitive bidding process that will ensure a sustainable level of investment.
There are three remaining casino licences available on Tinian, including one under Marianas Stars Entertainment Inc, a unit of Hong Kong-based Mega Stars Overseas Ltd.
There have been reports of a Macau-based investor, called Alter City Group Holdings Ltd, forking out US$300 million for a casino project in Tinian. The investors behind Alter City Group have not been identified.
Earlier this year, the Lottery Commission of the Commonwealth of the Northern Mariana Islands granted an exclusive casino licence for neighbouring Saipan Island to a unit of Imperial Pacific International Holdings Ltd.
Imperial Pacific is an investor in the profit stream of Macau VIP operator Hengsheng Group. The Hong Kong-listed firm has raised its investment in the casino resort project to US$7.1 billion.
The company said last month it would seek potential investors to dispose of part or all of its other businesses to focus on gaming.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia