18 Dec 2007

Casino group warns new policy on gaming in CNMI will scare investors

11:01 am on 18 December 2007

A company eyeing a casino project on Tinian in the Commonwealth of the Northern Marianas has warned that a new policy on gaming will scare investors.

The managing director of Bridge Investment Group Rudy Pamintuan, says the CNMI's economic situation is unstable, with the immigration bill pending in the U.S. Congress and the declining tourism and garment industries.

He says the recent passage of the casino initiative on Rota and the pending Saipan gaming bill do not help the situation.

He says even though it has already spent US$5 million US dollars, the Bridge Investment Group says its casino project is on hold.

The Saipan Tribune reports the company has already paid for 85,000 square meters of privately owned land on Tinian, for the project.