$130M Tinian Casino Project’s Titanic Failure Sparks Investor Lawsuit

• Investors allege false promises and EB-5 visa fraud
• Lawsuit claims $64 million loaned without repayment safeguards
• Casino project promoted jobs, tourism but never broke ground

A $130 million “Titanic-themed resort and casino” on Tinian Island fared worse than the ship that inspired it. At least the Titanic got past the blueprint stage.

A decade after the “Tinian Ocean View Resort and Casino” was first pitched to investors, the project has failed to break ground on Tinian, part of the U.S. Northern Mariana Islands in the western Pacific, just north of Guam.

Sunk Before Launch

Early on, the casino was promoted as an economic lifeline for Tinian, yet the promised jobs and tourism never arrived.

Now, a group of investors — 23 Chinese nationals – have filed a $13.4 million lawsuit in the New York State Supreme Court alleging they were stiffed, Marianas Variety reports. They claim the project never materialized because of false promises, mismanagement, and misrepresentation by the developer.

The EB-5 program lets foreign investors obtain permanent US residency by putting at least $800,000 into US projects that generate a minimum of 10 jobs.

The developer named in the lawsuit is Bridge Investment Group LLC. This is not the same as the Utah-based publicly traded private equity real estate firm Bridge Investment Group Holdings Inc., which has no connection to the complaint.

The plaintiffs, all members of the American Northern Marianas Economic Development Fund LLC, allege that the defendants violated multiple legal duties and misled them in order to secure investments tied to the EB-5 visa program.

The investment pitch claimed that nearly $12.1 million from these 23 plaintiffs (and significantly larger sums from other Class B investors) would fund the development of a 300-room casino resort with amenities including two hotels (one “luxury,” one “mid-range”), retail and dining, convention space, spa facilities, and even a ferry service.

In total, the fund is alleged to have funneled about $64 million into Bridge Investment Group, according to the complaint.

But the loans were made without signed agreements, repayment commitments, or collateral, per the lawsuit. Plaintiffs say the gambling license was never pledged to secure financing. Without bank loans or refinancing, the lawsuit contends, the project was doomed from the start.

‘Broken Promises’

The suit also points to promotional claims circulated on WeChat and through Canbo International Group, a Hong Kong-based immigration consultancy, which allegedly guaranteed fast visa approvals and depicted construction progress that did not exist.

In August 2023, Canbo abruptly shut down a group chat for investors after U.S. immigration authorities issued notices of intent to revoke previously approved petitions. Plaintiffs argue this was an attempt to cut off questions as the project unraveled.

Those named in the suit include Xianjun Meng, managing director of the American Northern Marianas Regional Center (ANMRC) and CEO of Bridge Investment Group LLC; his wife Silvia Siu (also known as Xiao Bing); and two New York attorneys, Jin An and Samuel Newbold. Meng and Siu are also principals of Canbo International Group Ltd., a Hong Kong-based immigration consultancy.

The plaintiffs claim breach of fiduciary duty, fraud, conversion, unjust enrichment, legal malpractice, and negligent misrepresentation and seek repayment of their investments, plus damages.

The defendants are yet to file a response to the lawsuit.