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MVarietyNews.com CNMI News Local Prospective Rota casino investors say minimum investment amount too high

Prospective Rota casino investors say minimum investment amount too high

Monday, 30 November 2009 00:00 By Junhan B. Todeno - Reporter
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INTERESTED casino investors on Rota want to implement the project “phase by phase” because of the “huge” investment amount requirement, according to on-leave Rota Casino Gaming Commission member Melchor Mendiola.

“They are looking at the market and they want to build it by phases,” said Mendiola, the island’s mayor-elect.
The commission requires $25 million as minimum investment for a casino, $5 million of which will finance the first phase of development — the construction of the facility and gaming equipment.
Mendiola said two individuals picked up applications while a Japanese investor has already submitted his.
A Chinese investor also visited Rota recently to explore the possibility of investing in a casino facility there, he said.
The commission, however, has yet to disclose the names of these investors.
It said it will have to evaluate these applications first to determine whether they are in compliance with the regulations.


 

Comments 

 
+2 #5 captain 2009-11-30 06:19 Why is it that the other islands do not learn from past mistakes from areas within the NMI? (oh, stupid question, nether do the elected) Look at the past and present in Tinian. Rota had better look closer and relax the regs. Ideally an existing hotel or building would be ideal, or a small expandable operation that can grow with the customer base. If i remember correctly, Tinian Dynasty had more than 1800 employees on opening day (plus 200 call girls) now how many employees do they have. 500??? Plus there is an average of about 150+ employee turnovers yearly.
 
 
+4 #4 Nomasfababa 2009-11-30 04:46 Mblur is right. Casinos are a useless dream. I\'m sure if the Dynasty could do it over they would say no thanks. So yeh Rota, lower your standards. I hear Lone Star Casino wants to come back.
 
 
+3 #3 cnmi_common_cents 2009-11-30 02:50 …they have to make sure that the investor that they approve of can line the pockets of the connected few as well. that\'s one important part of the application process that is never disclosed.. typical island monkey business. \"huge\" investment? give me a break…
 
 
+6 #2 mblur 2009-11-30 01:58 A casino will not work in the CNMI. Mainly because we are unable to compete with other casinos around the world. For example, in Las Vegas, a casino is being torn down and rebuilt every 10 years. So if you visit Vegas every 15 years it would be completely different. If they want the Rota casino to stand any chance of survival it MUST have the most mind blowing, jaw dropping, mind wrenching, design ever.
 
 
+4 #1 strikezone 2009-11-30 01:29 Investing phase by phase, little by little. It is only SAFE to do so.
 

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