Gaming commissioners in the Commonwealth of the Northern Mariana Islands (CNMI) have not yet pulled the plug on a casino license held by Imperial Pacific International (IPI), the embattled operator of the only casino resort on Saipan.
According to the Saipan Tribune, the license revocation hearing was originally set for April 9, tabled until April 19, and then again canceled, after Hong Kong-listed IPI filed for Chapter 11 bankruptcy in U.S. District Court; the CNMI is a United States territory.
Commission Chairman Edward C. DeLeon Guerrero said the deliberation has been canceled until further notice.
IPI, operator of the Imperial Pacific Palace, has racked up debts of more than $150 million, including casino licensing and regulatory fees and civil lawsuits from unpaid contractors.
Under Chapter 11 bankruptcy protection, it may continue operating as it restructures, but the Garapan resort has been closed since March 2021 due to impacts from the Covid-19 pandemic.
One apparently disgruntled observer commented on an online IPI news story, noting, “Some sort of bankruptcy could have been anticipated years ago. … It will be interesting to see just how IPI expects to get out of this and ‘restructure’ if they have nothing to restructure.”
That said, according to Asia Gaming Brief, IPI has pledged to fulfill its legal obligations and reopen the still-unfinished beachfront resort. Director Howyo Chi said the company is looking at debtor-in-possession financing as an option.
