Embattled Saipan integrated resort operator Imperial Pacific International (IPI) has had two requested amendments to its Casino License Agreement approved by the Lottery Commission.
But a request to further extend the deadline for completion of the IR, recently renamed Imperial Palace‧Saipan, has yet to be discussed, according to local media reports.
At a meeting on Tuesday, the Lottery Commission said that IPI would now be allowed to count hotel rooms built in the future on associated nearby sites, either itself or by partners, in the 2,000-room count required by the CNMI’s casino law.
The Lottery Commission will also allow IPI’s majority shareholder, Inventive Star Limited, to dilute its stake in the company below the previous minimum of 51% and to as low as 10%. The change is aimed at allowing IPI to issue new shares in order to raise the further capital it needs to commence Phase 2 of Imperial Palace‧Saipan.
The first phase of the IR is set to partially open by 30 September 2019, IPI recently revealed.
The amendments represent the 9th and 10th amendments to IPI’s Casino License Agreement since 2014.
IPI also submitted two further requests, including yet another extension to the deadline for completion of the IR from its current deadline of 28 February 2021 to 21 August 2022, but the topic was not raised during the meeting.