The future of Alter City Group’s billion dollar investment project in Tinian could be in doubt after the company had its casino licence suspended for failing to pay the renewal fee.
According to Tinian Casino Gaming Control Commission executive director William Cing, under the terms of its licence agreement, Alter City is required to pay a fee of $500,000 for each year of its 40-year concession.
Cing stated that the company failed to pay last year and has “not done anything yet on the property since they broke ground” a few years ago.
“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 invest- ment project on Tinian,” said Cing.
While he remains hopeful that Alter City’s $1.2bn resort project goes forward, Cing warned that if the company fails to pay, then “final action” may be taken. He added that unless payment was forthcoming within a reasonable time, the Commission will issue a notice to the company “to show cause why their licence should not be revoked.”