$75M fine a big hurdle for CNMI casino investor
TINIAN – Tim Chen, principal owner of Tinian Entertainment Corp., is interested in taking over and running the now defunct Tinian Dynasty hotel and casino, but he said the $75 million fine imposed by the U.S. Financial Crimes Enforcement Network, or FinCen, is a major concern.
Chen chartered a flight from Hong Kong to Tinian on Friday to participate in the ribbon-cutting ceremony for Tinian International Airport, which is now complete after 20 years of construction and renovations.
Chen also met with the Tinian leadership late in the afternoon to discuss his plans regarding Tinian Dynasty.
In an interview, Chen said he is the creditor of the former owner of Tinian Dynasty, Hong Kong Entertainment (Overseas) Investments Ltd. or HKE, and he is interested in renovating the hotel and casino to make it operational again.
But he said the only thing holding him back is Tinian Dynasty’s $75 million obligation to FinCen which imposed the fine for the former investor's failure to develop and implement an anti-money laundering program.
Read more: https://www.postguam.com/news/cnmi/m-fine-a-big-hurdle-for-casino-investor/article_1faac65c-fa7f-11e7-bb7e-47fea5f8c07f.html