Imperial Pacific International intends to reopen Imperial Palace in the coming year.
Updated on: November 15, 2022, 02:23h.
Erik Gibbs
Casino operator Imperial Pacific International (IPI) is holding onto hopes that it can still regain its position as a legitimate casino operator in Saipan, with plans to relaunch the Imperial Palace next year. Despite mounting debts and legal battles, IPI remains optimistic.
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Gaming Regulation Proposals
Asia Pacific Gaming,
In a filing with the Hong Kong Stock Exchange on November 11, IPI proposed adjustments to the gaming regulations of the Commonwealth of the Northern Mariana Islands (CNMI). These proposals aim to replace the annual licensing fee, which IPI owes millions for, with a revenue-based gaming fee with set minimums and maximums. The CNMI's Commonwealth Casino Commission (CCC) is currently reviewing these proposed changes.
Gaming Business,
Negotiations and Legal Battles
Global Gaming.
IPI's plan faces an uphill battle, as negotiations for a license agreement with the CCC, which ended in August with no progress, continue. The CNMI court system, however, continues to grant IPI additional leeway.
IPI) believes it still has what it takes to be a legitimate casino operator. It’s so confident, in fact, that it’s starting to make plans to relaunch its Imperial Palace casino in Saipan next year.
IPI has missed multiple annual payments for its license exclusivity, regulatory, and other fees. It announced a funding agreement with South Korea's IH Group in May but has yet to see any results. The CCC has not yet agreed to IPI's proposals, which could potentially cost the CNMI around $100 million.
a filing with the Hong Kong Stock Exchange on November 11, IPI said it had proposed adjustments to the gaming regulations of the Commonwealth of the Northern Mariana Islands (CNMI). These guidelines are the same ones that the company has been accused of breaking repeatedly over the past few years.
Asset Auctions and Legal Appeals
hundreds of millions of dollars, with a gaming fee based on a portion of its net profits. This would also include set minimums and maximums. The Commonwealth Casino Commission (CCC) is still reviewing the proposed changes.
If the CCC opts to allow IPI to reopen, the casino will do so without much of its gaming equipment. Attempts to halt asset auctions have failed, and the second sale will proceed in December. IPI has now approached the Ninth Circuit Court of Appeals to halt the process.
IH Group for funding. But that has yet to materialize.
The CNMI Chief Judge Ramona Manglona, however, has disagreed, citing the size of the debt and lack of meaningful progress. The next auction is scheduled for December 9, and both IPI's relief petition and the CCC's license revocation attempt are still pending.
Clear Management Ltd will proceed with its second sale next month.
The latest developments in Imperial Pacific International's plans for the Imperial Palace casino in Saipan remain uncertain, as legal disputes and outstanding debts continue to pose significant challenges. Keeping up with the latest news and official statements from IPI and the relevant regulatory bodies is crucial for the most accurate information.
Meanwhile, Lasvit recently completed an installation featuring two giant dragons at the Imperial Casino on Saipan Island, adding a touch of beauty to the ongoing saga.
- In the proposed adjustments filed with the Hong Kong Stock Exchange, Imperial Pacific International (IPI) suggests replacing the annual licensing fee with a revenue-based gaming fee, using a srcset of set minimums and maximums.
- The announcement of IPI's plans to relaunch the Imperial Palace casino in Saipan next year has been met with optimism and skepticism alike, as the company continues to grapple with mounting debts and legal battles.
- The annual news panel on the gaming industry would be a great platform to discuss the ongoing saga of Imperial Pacific International and its efforts to regain its position as a legitimate casino operator in Saipan, showcasing the latest news and developments with an opening image of the Kong-inspired Imperial Casino dragons.