Casino developers to start paying fines
17:42 Thu Sep 26, 2013
Taken from/By: FBC News
Report by: Christopher Chand
One Hundred Sands Limited the developers of Fiji’s first ever Casino project will have to pay a fine US$100,000 from October 1st.
Acting Prime Minister Aiyaz Sayed-Khaiyum says this penalty clause was part of the conditions under which they were issued the casino license.
The company will be paying US$100,000 for every month until the development is completed.
“Obviously it is of concern to us as you know under the license conditions certain milestones needed to be met. Of cause the main one is the Casino needed to be operational by 1st October of this year and if they won’t they are liable to pay US$100,000 penalty a month which they will start incurring from 1st October which is in a week’s time.”
One Hundred Sands Limited Chairman Larry Claunch had stated they will comply.
Claunch told FBC News, they will still go ahead with the development of the casino although there is little signs construction at the site.
Under the original plans, the 290-million dollar casino complex was initially due to open next month.
However, the development has been delayed.