Embattled Saipan casino operator Imperial Pacific International (IPI) has appointed Donald Browne, its senior vice president since 2015, as the company’s new CEO, succeeding Mark Brown.
“In his previous role as senior vice president, he proves that his experience and drive will take IPI to the next level of growth and development under a reorganized structure,” said a statement from the company cited by Asia Gaming Brief.
In June, IPI was ordered by the Commonwealth Casino Commission of the Northern Mariana Islands to immediately appoint a new CEO, to maintain three months working capital, and to settle all payable accounts.
Mark Brown, who served twice as IPI’s chief executive, resigned for the second time last December.
In related news, CNMI Lottery Commission Chairman Mark Rabauliman says IPI is seeking permission to either sell or bring in new investors to its troubled casino hotel on Saipan, and also has requested a 50 percent reduction in its US$15 million annual casino license fee.
IPI has been plagued by financial woes, and in recent months said it might have to permanently close following a court order to pay US$5.6 million to its former contractor, Pacific Rim Land Development LLC, for breaching a promissory note. The company says it cannot pay the judgment, or the US$37 million it owes the community benefit fund as part of its casino license agreement. In May, the Commonwealth Utilities Corp. cut off power to both Imperial Palace Saipan and the company’s head office for failure to pay its bills.
In other news in the commonwealth, a U.S. territory in the Pacific that includes 14 islands, the failure of the Imperial Pacific project could mean additional gaming opportunities in the smaller islands of the CNMI, in particular Tinian and Rota, AGB reported.
In Tinian, the Bridge Investment Group has announced that the new Tinian Diamond Hotel will open a casino in December. Meanwhile, the Rota Rota Casino Commission is reviewing gaming proposals, although it is not clear if any new project is imminent. The Rota Treasure Island casino hotel closed in 2012 and has not been replaced by new developments on the island.
