Imperial Pacific International (IPI) has been granted an extension to the completion date for its Saipan IR until 28 February 2021.
The company announced overnight that it had entered into a written amendment to the Casino License Agreement with Saipan’s Casino Control Commission allowing for a change to the implementation schedule after requesting an extension last week.
It was revealed in July that IPI would miss its 31 August 2018 completion deadline, with the company stating the delay was due primarily to “the drastic reduction and non-availability of sufficient skilled and qualified construction laborers locally in Saipan and mainland USA.”
Under the new agreement, IPI must complete all construction of Imperial Pacific Resort by 28 February 28, including the issuance of a Certificate of Occupancy Permit by the CNMI Department of Public Works.
The company will also be required to submit to the Lottery Commission within 15 days from the signing of the agreement last Friday a Construction Milestone Schedule including a list of pending tasks and projected completion dates, with detailed quarterly reports on progress and a biannual audit certified by its external auditor.
Any further delays will result in fines of US$5,000 a day.
IPI added that, in consideration of the extension of the implementation schedule, it will make a donation of US$500,000 to the Commonwealth Healthcare Corporation for the purchase of medical equipment.
Originally scheduled for completion in 2016, it was only 13 months ago that IPI was granted a previous extension to the Casino License Agreement to complete construction of its initial gaming facility by 31 August 2018.
When complete, it will feature a 329-room luxury hotel; 14,140 square meters of gaming area; 3,870 square meters of food and beverage outlets; 186 square meters of retail space; 930 square meters of meeting space; 15 villas; and a 1,500 square meter spa and fitness area with associated infrastructure.