March 9, 2021
In the Commonwealth of the Northern Mariana Islands and beleaguered casino operator Imperial Pacific International Holdings Limited has reportedly been told that it will be placed into receivership if it does not pay off a $1.2 million debt by Friday.
According to a report from Inside Asian Gaming, the Hong Kong-headquartered firm is responsible for the American territory’s under-construction Imperial Palace Saipan but has been facing financial collapse owing to a dearth in overseas gamblers caused by the coronavirus pandemic. The source detailed that the operator is moreover facing the imminent loss of its casino license due to its inability to fulfil a multitude of financial obligations including one to former contractor Pacific Rim Land Development said to be worth in the region of $6.8 million.
The order violations include failure to:
Pay its 2020 annual regulatory fee of $3.1 million
Comply to an order to settle vendor debts
Fulfill its minimum capital requirements
Pay the 2020 $15.5 million casino license fee
Contribute $20 million to the community benefit fund in both 2018 and 2019
Attorneys representing the Commission and Imperial must now file proposed orders that show the fines and penalties that will be issued to the Saipan operator. It is expected that this will include a
license suspension.
Commission Executive Chairman Andrew Yeom is represented by Assistant Attorney General Mike Ernst who has said he will seek a license suspension until the company fully complies with the violated orders.