• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 30 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
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
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
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
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Editorial – Taken for a ride

Ben Blaschke by Ben Blaschke
Tue 30 Apr 2024 at 16:11
Editorial – Taken for a ride
30
SHARES
740
VIEWS
Print Friendly, PDF & Email

For the umpteenth time, the Commonwealth Casino Commission (CCC) of Saipan – a US commonwealth located in the Pacific about 2,650km east of the Philippines and 2,300km west of the International Date Line – has postponed a long-awaited hearing to consider revoking the casino license of the island’s sole casino operator, Imperial Pacific International (CNMI) LLC.

I’d call it a complete farce had that ship not sailed long ago.

By Inside Asian Gaming’s count, the decision to postpone a hearing scheduled for 22 April 2024 represents the ninth time such a hearing has been postponed in the past 13 months, this time because Imperial Pacific (IPI) conveniently filed for Chapter 11 bankruptcy on the prior business day.  But this is just one of countless tactics and excuses the failed casino operator has fallen back on to delay an inevitable decision on the state of its license as it continues to take the good people of Saipan for a ride.

Since the CCC first announced plans to hold a license revocation hearing in March 2023, IPI has filed temporary restraining orders with the courts, put forward a raft of settlement agreements aimed at locking the CCC into drawn out talks, claimed imminent funding from mysterious investors who [surprise, surprise] never materialized, and even sued both the CCC and the CNMI Governor for alleged breach of the casino license agreement.

IPI has even called for the abolition of all its unpaid regulatory fees – more than US$10 million worth – and for the CCC to refund the fees it had paid prior to its license being suspended in April 2021 (ironically for falling behind on its payments).

Meanwhile, the operator has racked up debts totalling more than US$165 million, according to details contained within its bankruptcy claim, even with a majority of its assets – from gaming tables and slot machines to furniture, high-end liquor and dozens of vehicles – having already been sold by court-appointed receivers.

Despite this, the CCC has bowed to every demand and only weeks ago admitted it was again negotiating with IPI over a proposed settlement agreement under which IPI said it would repay US$24 million this year and a bit more in a decade or so’s time. Exactly where it thought IPI was going to find such cash has never quite been explained.

As a friend said to me recently, “It’s like a girl whose boyfriend keeps cheating on her and all her mates tell her to leave him, only for him to cheat again the next week … and this boy isn’t much of a catch!”

It begs the question as to what the CCC is so scared of? While a potential sale of IPI’s dormant hotel and casino site to an outside investor has been mooted as the obvious solution, those close to the matter suggest there are concerns no one will come to the table given the property’s troubled history, not to mention the weather damage the uncompleted structure has reportedly suffered in the four years since its doors first closed due to COVID, or the sheer size and scale of the development, which has been described as overly ambitious for such a remote location.

It’s understandable that local officials had high hopes for IPI and perhaps they are reluctant to admit it’s time to let go, but what are they really letting go of? You don’t win the Melbourne Cup by flogging a dead horse!

As the old saying goes, “Fool me once, shame on you; fool me twice, shame on me.”

Tags: Current IssueIPI
Share12Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian gaming industry. That’s quite a wide-reaching question with dozens of moving parts, but it got me thinking specifically about how...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry and why the latter is vital in winning over sentiment. When I was corresponding with this publication’s Managing Editor Ben...

Editorial – Knife’s edge

Editorial – Knife’s edge

by Andrew W Scott and Ben Blaschke
Tue 29 Apr 2025 at 15:14

Thailand’s Entertainment Complex journey is at a critical point, with the success or failure of the initiative to be determined by decisions made over the coming months. The common narrative now appears to be that legislation governing development of the...

A Baccarat perspective – Part 2

A Baccarat perspective – Part 2

by Ryan Hong-Wai Ho
Tue 29 Apr 2025 at 13:03

The first part of this series, published in the April issue of IAG, discussed the rise of baccarat in Macau’s gaming industry. Building on that discussion, Ryan Ho continues to examine the latest betting options shaping this iconic casino game....



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

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

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English