Would-be Tinian casino operator Alter City Group Holdings (ACG) has had its license suspended after failing to make its scheduled annual payment to the local government.

On Thursday, the Marianas Variety reported that the Tinian Casino Gaming Control Commission had suspended ACG’s gaming license after the company failed to make its required annual payment of $500k.

William Cing, the Commission’s exec director, told the paper that ACG was required to pay $500k per year over the duration of the 40-year license, but the company failed to ante up last year and “they have not done anything yet on the property since they broke ground” a couple years back.

Cing said ACG is reportedly “having problems with [their] financial scheme, so now they want to apply for the EB-5 investor program so they can invite other investors.” Cing added that ACG’s quest for new investors represented a “very different” scenario than the one the company offered when it made its initial casino pitch for a $1.2b resort (artist’s impression pictured above).