• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 27 January 2023
    IAG
    Advertisement
    • Newsfeed
    • Mag Articles
    • Video
    • Opinion
    • Tags
    • Regional
      • Africa
      • Australia
      • Cambodia
      • China
      • CNMI
      • Europe
      • Hong Kong
      • India
      • Japan
      • Laos
      • Latin America
      • Malaysia
      • Macau
      • Nepal
      • New Zealand
      • North America
      • North Korea
      • Philippines
      • Russia
      • Singapore
      • South Korea
      • Sri Lanka
      • Thailand
      • Vietnam
    • Events
    • Consulting
    • Contributors
    • SUBSCRIBE FREE
    No Result
    View All Result
    IAG
    • Newsfeed
    • Mag Articles
    • Video
    • Opinion
    • Tags
    • Regional
      • Africa
      • Australia
      • Cambodia
      • China
      • CNMI
      • Europe
      • Hong Kong
      • India
      • Japan
      • Laos
      • Latin America
      • Malaysia
      • Macau
      • Nepal
      • New Zealand
      • North America
      • North Korea
      • Philippines
      • Russia
      • Singapore
      • South Korea
      • Sri Lanka
      • Thailand
      • Vietnam
    • Events
    • Consulting
    • Contributors
    • SUBSCRIBE FREE
    No Result
    View All Result
    IAG
    No Result
    View All Result

    Imperial Pacific International to owe US$103 million in unpaid fees to CNMI government

    Newsdesk by Newsdesk
    Tue 2 Aug 2022 at 06:12
    First auction of Imperial Pacific gaming equipment postponed

    Image courtesy of Saipan Tribune.

    22
    SHARES
    541
    VIEWS
    Print Friendly, PDF & Email

    Troubled Saipan casino operator Imperial Pacific International (IPI) will soon owe more than US$100 million to the CNMI government as it awaits a long-promised capital injection from an investor.

    The Commonwealth Casino Commission (CCC) broke down IPI’s outstanding obligations during a meeting late last week, according to Marianas Variety, with the company having failed to pay its license and regulatory fees in both 2020 and 2021. Another US$15.5 million in annual license fees will fall due in mid-August and various regulatory fees on 1 October, meaning the company will owe a total of US$103 million in just two months from now.

    It was these debts that saw the CCC originally call a hearing with the intention of revoking IPI’s casino license earlier this year – a hearing that was put on hold after the company was granted a temporary restraining order.

    IPI and the CCC have since engaged in settlement talks, with IPI having touted an impending US$150 million cash injection from South Korean investor the IH Group, although to this point no cash has been forthcoming and no agreement has been reached.

    IH Group is planning to take over the operations of the casino and luxury villas of IPI’s Saipan casino, Imperial Palace · Saipan, and has promised to resume construction of the hotel tower with Chairman Kyunam Kim touring the property in recent days.

    “This project … will soon proceed smoothly and will contribute greatly to the economic recovery of the CNMI,” Kim told local media during his tour.

    However, the CCC said during last week’s meeting that revocation of IPI’s casino license remains on the table.

    “IPI’s failure to meet these obligations is the reason [we have] cut back from close to 50 employees to [only nine],” said CCC chair Edward C. Deleon Guerrero

    “That’s why the revocation is in front of us.”

    RelatedPosts

    Dallmeier shortlisted in two categories at European Casino Awards 2023

    Dallmeier shortlisted in two categories at European Casino Awards 2023

    Fri 27 Jan 2023 at 06:32
    Galaxy partner SBM sees increased profit in FY2020

    Monaco’s SBM on track for record year as revenue surges 27% through December

    Wed 25 Jan 2023 at 19:21
    Pacific puzzle

    Saipan casino regulator shuts down office due to lack of funding

    Thu 19 Jan 2023 at 05:46
    SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

    Summit Ascent in talks after Manila casino developer Suntrust misses US$6 million interest payment on convertible bonds

    Tue 17 Jan 2023 at 05:23
    Load More
    Tags: casinoCNMICommonwealth Casino CommissionImperial Pacific InternationalImperial Palace‧Saipan
    Share9Share2
    Newsdesk

    Newsdesk

    The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

    Current Issue

    Editorial: Want to attract foreigners? Make Macau the poker capital of Asia

    Editorial: Want to attract foreigners? Make Macau the poker capital of Asia

    by Ben Blaschke
    Wed 4 Jan 2023 at 11:39

    In what has become a point of widespread debate, the Macau SAR Government has called on its gaming concessionaires to...

    Singapore swing

    Singapore swing

    by Ben Blaschke
    Wed 4 Jan 2023 at 11:32

    Having previously established itself as the gold standard in the operation and regulation of integrated resorts in Asia following the...

    Flying high

    Flying high

    by Ben Blaschke
    Wed 4 Jan 2023 at 11:25

    Having endured a hectic three years at Marina Bay Sands which saw him promoted to Chief Operating Officer while dealing...

    Coming together

    Coming together

    by Newsdesk
    Wed 4 Jan 2023 at 11:21

    On 1 August 2022, Singapore officially inaugurated a new gambling regulator, the Gambling Regulatory Authority (GRA), replacing the former Casino...

    Softswiss
    Evolution Asia
    Aristocrat
    Solaire
    Solaire
    Beter
    Beter
    IGT

    Related Posts

    London calling

    Sands China expecting positive return on multi-billion dollar Macau non-gaming commitment

    by Ben Blaschke
    Fri 27 Jan 2023 at 07:23

    Sands China executives said Thursday they are confident that the company’s capital commitment of up to US$4.5 billion into Macau over the next 10 years, most of which will be for non-gaming attractions, can generate positive returns. The commitment, which guarantees...

    IAG names The Parisian Macao as venue for 2020 Asian Gaming Power 50 Gala Dinner

    Analysts upgrade Las Vegas Sands on positive Macau, Singapore performance

    by Ben Blaschke
    Fri 27 Jan 2023 at 06:44

    Analysts have upgraded their estimates for Las Vegas Sands (LVS) after the company reported strong recovery indicators during this week’s 4Q22 results release and earnings call. The improved sentiment was largely driven by the reopening of Macau’s borders on 8...

    We’re Back!

    Skycity names former Tabcorp CEO David Attenborough as non-executive director

    by Newsdesk
    Fri 27 Jan 2023 at 06:40

    New Zealand’s Skycity Entertainment Group has announced its intention to appoint former Tabcorp Managing Director and CEO David Attenborough as a non-executive director, pending regulatory approvals. In a Friday morning filing, Skycity said Attenborough would join the Board of Directors...

    Live-stream specialist nanocosmos to celebrate 25th anniversary at ICE London

    Live-stream specialist nanocosmos to celebrate 25th anniversary at ICE London

    by Newsdesk
    Fri 27 Jan 2023 at 06:36

    Live-streaming technology specialist nanocosmos will kick off its 25th anniversary celebrations at ICE London 2023, presenting refined features for real-time streaming. Since joining ICE for the first time in 2018, the company’s unique live video streaming platform nanoStream Cloud has...


    IAG

    © 2005-2023
    Inside Asian Gaming.
    All rights reserved.

    • SUBSCRIBE FREE
    • NEWSFEED
    • MAG ARTICLES
    • VIDEO
    • OPINION
    • TAGS
    • REGIONAL
    • EVENTS
    • CONSULTING
    • CONTRIBUTORS
    • MAGAZINES
    • ABOUT
    • CONTACT
    • ADVERTISE

    No Result
    View All Result
    • Subscribe
    • Newsfeed
    • Mag Articles
    • Video
    • Opinion
    • Tags
    • Regional
    • Events
    • Contributors
    • Consulting
    • Magazines
    • Advertise
    • Contact
    • About

    © 2005-2023
    Inside Asian Gaming.
    All rights reserved.