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Micronesia casino lease deal approved

MICRONESIA – As reported by the Saipan Tribune: "Despite some concerns, a Senate committee that reviewed a casino investor's lease deal with the Department of Public Lands has recommended approval of the agreement.

"The Senate Committee on Resources, Economic Development and Programs said the lease agreement that DPL executed with Marianas Resort Development Co. on July 18, 2006 would generally benefit the CNMI.

"But the committee, led by Sen. Maria Frica T. Pangelinan, added that the Legislature should be provided with supporting documents, other than the lease document, in order to make a final decision on the lease.

"…Concerns regarding specific provisions of the lease document also warrant discussion of the scope of DPL's authority when negotiating leases on public lands, the committee said.

"…Phase I of MRDC's project will be completed after an initial investment of more than $170 million…"

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