Saipan casino operator Imperial Pacific International (IPI) has reappointed Chen Feng as an executive director.
According to a filing with the Hong Kong Stock Exchange, Chen, an executive director of the company since March 2022, will serve in an uncompensated capacity for a year-long term that was renewed March 24.
After years of legal wrangling over unpaid license fees and other outstanding debts, IPI is nearing a settlement to relinquish its gaming license on Saipan, part of the Commonwealth of the Northern Mariana Islands (CNMI). Its Imperial Pacific Palace resort in Garapan has been closed since 2020, at the start of the Covid-19 pandemic.
As reported by Asia Gaming Brief, the company is continuing judicial review proceedings to prevent its delisting decision by the Hong Kong bourse.
Meanwhile, the Saipan Tribune reports that a receiver will auction off IPI’s assets to satisfy outstanding judgments against its creditors. Items on the block include two Rolls Royce Ghosts, a 2017 Cadillac Escalade and other vehicles; 40-ton crystal dragons suspended in the lobby of the casino resort; as well as kitchen and restaurant equipment, artwork and liquor.
