• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 14 July 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
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
No Result
View All Result
IAG
No Result
View All Result

Imperial Pacific owes more than US$87.5 million to CNMI government

Newsdesk by Newsdesk
Mon 24 Jun 2024 at 05:45
Pacific puzzle
15
SHARES
381
VIEWS
Print Friendly, PDF & Email

Embattled Saipan casino operator Imperial Pacific International (CNMI) LLC owes the CNMI government more than US$87.5 million, lawyers have revealed.

According to details contained in a motion filed by the CNMI government last Thursday, IPI owes a total of $165.8 million to creditors of which around US$87.6 million or 52.8% of the total is owed to the government itself. This represents US$62.0 million in unpaid annual license fees, US$17.6 million for non-payment of casino regulatory fees plus almost US$8.0 million more for non-payment of taxes, including penalties and interest, Marianas Variety reported.

The motion was filed by the CNMI government to request IPI’s recent Chapter 11 bankruptcy petition be converted to Chapter 7. Under the US Bankruptcy Code, Chapter 11 bankruptcy allows a business or individual to reorganize and restructure, while Chapter 7 allows for liquidation of the debtor’s property and distribution of proceeds to creditors, potentially resulting in dissolution.

In filing its motion, the government’s representative, Attorney General Chief Solicitor Robert Glass Jr, said IPI has no ability to pay either past or upcoming debts due to the closure of its casino in 2020.

“It has no income and is unable to pay post-petition obligations that continue to accrue — like its rent due April 28, 2024, that has not yet been paid, and the pending Annual Casino License Fee that will be due August 12, 2024,” Glass said, as per Marianas Variety.

“[IPI] has no ability to generate revenue; its hotel building is unfinished and has never been operational. In addition, [IPI] has no ability to operate as a casino; its casino gaming license is currently suspended and, until they were stayed by the filing of this case, two proceedings seeking revocation of the license were pending due to [IPI’s] failure to pay significant fees to the [Commonwealth Casino] Commission and for its failure to comply with an order of the Commission requiring a payroll reserve. Other complaints have also been filed by the Executive Director that also seek revocation of [IPI’s] casino license.

“Overall, based on the public information available, the Debtor does not have the financial wherewithal to successfully proceed under Chapter 11 of the Bankruptcy Code.”

IPI filed for Chapter 11 bankruptcy in April in an effort to delay casino license revocation hearings.

RelatedPosts

Melco targeting Indian market with Sri Lanka casino investment, flags annual GGR up to US$250 million

Sri Lankan think tank questions independence and integrity of proposed gaming regulator

Mon 14 Jul 2025 at 05:48
Jeju Dream Tower casino sales down 7.4% in March

South Korea’s foreigner-only casinos showing renewed vigor as Jeju Dream Tower sets new monthly drop, visitor records

Thu 3 Jul 2025 at 05:41
Abbiati targeting North and South American markets via strategic alliance with Hawkins Holdings

Abbiati targeting North and South American markets via strategic alliance with Hawkins Holdings

Wed 2 Jul 2025 at 09:39
On the brink

Macau GGR continues recent resurgence by rising 19% year-on-year to MOP$21.1 billion in June

Tue 1 Jul 2025 at 12:52
Load More
Tags: bankruptcycasinoCNMIdebtImperial Pacific InternationalSaipan
Share6Share1
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 – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Third time lucky? PH Resorts Group inks MOU with Philippine construction firm to finance, develop stalled Cebu resort

Emerald Bay developer PH Resorts Group looking to solve negative equity issue by increasing common stock, issuing to parent

by Ben Blaschke
Mon 14 Jul 2025 at 13:50

PH Resorts Group, the developer of stalled Cebu integrated resort Emerald Bay, is looking to convert capital infused by its parent company Udenna Corporation into common stock in order to resolve a negative equity position. The company informed the Philippine...

Melco targeting Indian market with Sri Lanka casino investment, flags annual GGR up to US$250 million

Sri Lankan think tank questions independence and integrity of proposed gaming regulator

by Newsdesk
Mon 14 Jul 2025 at 05:48

A Sri Lankan policy think tank has questioned the independence and integrity of the country’s proposed new regulatory body as the government rushes to put the agency in place ahead of next month’s launch of Melco Resorts & Entertainment’s City...

Manila to drop all capacity restrictions from 1 March

Newport, Okada, Solaire issue joint statement defending integrity of their online gaming operations

by Ben Blaschke
Mon 14 Jul 2025 at 05:16

Philippines integrated resorts Newport World Resorts (NWR), Okada Manila and Solaire Resort have issued a joint statement in defense of their domestic online gaming operations, arguing that they already operate under strict guidelines outlined by regulator PAGCOR and insisting that...

Renowned gaming lawyer Jamie Nettleton to represent IMGL on Judging Panel for inaugural RTG Global Awards

GLI to continue as Gala Dinner Sponsor for Regulating the Game 2026

by Newsdesk
Sun 13 Jul 2025 at 05:48

Leading gaming law and regulation conference Regulating the Game has announced that Gaming Laboratories International (GLI) will return as sponsor of the event’s Gala Dinner in 2026 conference, reaffirming its status as a foundation sponsor. Now in its sixth edition,...



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

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
  • 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.

  • English