Imperial Pacific International Dodges Losing its Saipan Casino License
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Imperial Pacific International has managed to postpone the hearing on the revocation of its monopoly casino license in Saipan. The company owes more than $18 million to the Commonwealth of Northern Mariana Islands Casino Commission.
IPI's casino license was suspended in May 2021. The company failed to pay its annual license fee of $15.5 million and its regulatory fee for 2020. IPI also failed the minimum capital requirement of $2 billion and it did not make its mandatory contribution of$20 million to the community benefit fund for 2018 and 2019. It has a lot of unpaid debts to various vendors that have performed construction services in connection with the expansion of the Imperial Palace Casino in Saipan. However, IPi has managed to avoid the permanent revocation of its license by convincing the judge it expects to receive financing of £150 million from an investor called OH Group before the end of June.
IPI and CCC need more time to finalize the terms of the agreement in principle. Judge Ramona Manglona of US District Court for the Northern Mariana Islands issued the TRO postponing the hearing.
Imperial Pacific International has lost its Saipan Casino License. People have expressed doubts that IPI is going to fulfill its promises.
Imperial Pacific International is losing its Saipan Casino License. IPI has said financing is imminent before.
IPI's project to bring the Saipan Imperial Palace Casino back to its glory has been beset by problems. The casino has already been closed since March 2020 due to the coronavirus pandemic.
