Il Hwan Kim, president of IH Group and Edward Atalig Hocog Jr., vice president of IH Group are planning to build a 1,100-room hotel and casino on the island of Rota, local media reports.
The project will cost $10 billion over a period of 10 years, according to Kim.
In a letter to Rota Mayor Efraim M. Atalig, Kim said after he receives approval of his visa waiver, which will allow him to establish himself in the commonwealth, he will start the process by submitting a proposed design and licence application to operate a casino and hotel on Rota.
On a phone interview on Thursday with Marianas Variety, if things go smoothly, Kim expects a groundbreaking and construction of the hotel in 2017.
Phase 1 is the hotel and casino and will cost $1 billion, which will consist of 500 rooms, a vacation hotel with another 500 rooms and 100 cottages. It will also feature shopping facilities as well as cruise ship and airline services.
The IH Group’s partners are IH Corporation, KSA Corporation and Island Paradise Hotel, said Edward Atalig Hocog Jr.
Mayor Atalig in a separate interview expressed his support for the proposed investment, adding it will help the people of Rota when completed. He also added he welcomes not only casinos but any other investments for Rota.