TINIAN — Alter City Group’s casino license has been suspended due to their failure to pay the annual casino license fee, Tinian Casino Gaming Control Commission Executive Director William Cing said.
Under the casino license agreement, ACG is required to pay a license fee of $500,000 every year for 40 years, he added.
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“According to their update they are having problems with [their] financial scheme, so now they want to apply for the EB-5 investor program so they can invite other investors…. That’s the scheme they are working on right now, which is very different from the one in their presentation when they first proposed to undertake a billion-dollar investment project on Tinian,” Cing said.But the company failed to pay last year and “they have not done anything yet on the property since they broke ground years ago, Cing said.
“They are having problems all over the place. On top of that, they are also having problems with the casino commission because their license was automatically suspended because they have not paid their annual license fee for fiscal year 2018. So the license has been suspended for over a year now, and they cannot do anything without a license.”
Cing said they have given ACG “time to pay and fix the problem — there is no specific deadline but, if they continue not to pay, I will present their case before the commission for final action.”
He added, “The next scenario is the issuance of a notice to show cause why their license should not be revoked.”
But Cing is still hopeful that ACG will go ahead with the project.
In a separate interview, Department of Public Lands Secretary Marianne C. Teregeyo said in 2014, Alter City Group leased 152 hectares of property on Tinian for 25 years and paid some $300,000 for it.
She said they have asked the company to submit a report on its financial ability by Sept. 30 of this year.
ACG operations manager Joe C. Chen said they are still waiting for their EB-5 application. He declined to comment further at this time.
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