Best Sunshine International in the Northern Marianas, a casino operator, has bought the Marianas Resort and Spa on Saipan.
It aims to work with Marianas Resort to have its public land lease extended.
Under the agreement Marianas Resort will grant the buyer the remaining two and a bit years on its lease for the coveted Marpi lands.
Best Sunshine officials have said previous that they are planning the world's largest waterpark, 20 hotels, and a shopping strip in the area.