The Commonwealth Casino Commission has promised to revoke the casino license of Imperial Pacific International within 15 days if it fails to comply with three orders it approved last week.
As previously reported by IAG, the orders included the appointment of a new CEO by 10 July, to meet its financial obligations to both private vendors and the CNMI government, and to ensure it has money put aside to cover three months’ payroll at all times.
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According to Marianas Variety, all three orders will be published this week, with Commission Chairman Edward C. Deleon Guerrero stating Monday that should IPI fail to comply with any of them, “I’m sorry to say, we have to revoke the license and the game is over.”
The CCC also stipulated on Monday that funds to cover payroll must be deposited into a bank account under IPI’s own name and with either a CNMI or US bank. IPI has disputed that stipulation, stating it fears such funds could be frozen or seized to pay its former contractor Pacific Rim. Current IPI bank accounts have already been frozen by the US federal court after the company was ordered to pay Pacific Rim US$5.6 million for breaching a promissory note.
However, the CCC has told IPI it can’t help the company evade a court order, with Guerrero stating, “IPI needs to resolve its problem with Pacific Rim so the payroll account reserve can remain in the bank.
“We cannot make an order reaching out to a non-IPI entity. This order is for IPI. We don’t want to vote on something we know is not executable.
“The commissioners are voting, not IPI.”
