• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 9 August 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

IPI creditor claims investor interested in buying Saipan casino, calls for open bidding process

Newsdesk by Newsdesk
Thu 29 Aug 2024 at 16:58
Pacific puzzle

Imperial Palace · Saipan

14
SHARES
355
VIEWS
Print Friendly, PDF & Email

A creditor of Saipan’s Imperial Pacific International (CNMI) LLC has claimed interest in purchasing the company’s shuttered casino, Imperial Palace Saipan, from a mystery US investor and called on a live biddng process to be implemented with a starting price of US$10.3 million.

According to a report by The Saipan Tribune, the investor was mentioned by Michael Dotts of IPI creditor Dotts Law Office earlier this week while opposing a sake process put forward by IPI.

In an opposition motion, Dotts claimed to have been in contact with a potential investor but said more time was needed to allow for proper due diligence.

“A proper procedure needs to be put in place so that other investors can obtain due diligence material,” Dotts said as per The Saipan Tribune’s report.

“[IPI] is in possession and control of material needed for potential purchasers to consider the investment. These materials include blueprints, construction inspection reports, permits, constructions contracts, and estimates of what it will cost to complete the building.

“A ‘bid package’ should be assembled by [IPI]. The potential bidder from the United States has advised that bid packages are generally provided when properties are sold in bankruptcies. The time for investors to consider bidding should only start to run when they are provided with the bid package. Further, investors should either be provided time to have their own architects and engineers inspect the building, or a neutral architect or engineer should provide a report on the condition of the building.

“The preferred approach would be for [IPI] to fund hiring the expert using the DIP financing. Providing such a report with the bid package may increase the interest in the purchase of the property and result in a higher sales price.”

Dotts also called for a blind bidding procedure starting at US$10.3 million and offering US$100,000 increments for each new bid.

“Otherwise, the stalking horse gets the property for US$10 million,” he said. “The Dotts Law Office proposes that 90 days after the bid package is made available to investors, sealed bids be submitted. This will encourage the stalking horse bidder to make a higher bid to fend off potential other bidders.

“If one or more bids are received, and if there is a substantial difference in price, the property can be sold to the highest bidder. However, if more than one bid is received, and if the prices are roughly equivalent, a bid committee can consider other factors, such as the ability of the bidders to actually complete construction of the project.

“It is in the best interest of the CNMI and of all creditors who reside here that not only the highest price is obtained for the property, but that the purchaser actually completes the project.”

RelatedPosts

10 Years Ago: The Star war

NSW casinos given two-year reprieve on plan to lower daily cash limit to AU$1,000

Wed 6 Aug 2025 at 05:21
Grand Korea Leisure books US$11.4 million profit in 1Q25 on higher casino sales, better margins

Casino revenue at Grand Korea Leisure up 12% month-on-month to US$28 million in July

Wed 6 Aug 2025 at 05:03
First auction of Imperial Pacific gaming equipment postponed

IPI’s abandoned Saipan hotel and casino building shows signs of wear and tear but no immediate danger ahead of planned sale

Tue 5 Aug 2025 at 05:34
Casino revenue at Korea’s Paradise Co up 23% year-on-year to US$55 million in July, slightly down sequentially

Casino revenue at Korea’s Paradise Co up 23% year-on-year to US$55 million in July, slightly down sequentially

Tue 5 Aug 2025 at 05:14
Load More
Tags: casinoCNMIImperial Pacific InternationalImperial Palace‧Saipan
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 – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

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

Related Posts

IGT to unveil comprehensive game portfolio, new jackpots at Australasian Gaming Expo

IGT to unveil comprehensive game portfolio, new jackpots at Australasian Gaming Expo

by Newsdesk
Fri 8 Aug 2025 at 12:56

IGT will showcase 10 new game families as well as a revamped jackpot strategy for the local ANZ market at the upcoming Australasian Gaming Expo (AGE) taking place at ICC Sydney from 12 to 14 August 2025. This will also...

Large-scale events center at Wynn Palace part of US$750 million worth of Macau project investments planned by Wynn through end-2026

Large-scale events center at Wynn Palace part of US$750 million worth of Macau project investments planned by Wynn through end-2026

by Ben Blaschke
Fri 8 Aug 2025 at 05:54

Wynn Macau Ltd is looking to spend up to US$750 million through the end of 2026 on a series of upgrade and expansion projects at its Macau resorts, including development of a new large-scale events center at Wynn Palace. The...

Filipino maintenance worker passes away in Wynn Palace work-related accident

Low VIP hold hurts Wynn Macau’s 2Q25 results as operating revenues hit US$883 million

by Ben Blaschke
Fri 8 Aug 2025 at 05:17

The Macau operations of Wynn Resorts Ltd generated operating revenues of US$883 million in the three months to 30 June 2025, basically flat with the same period in 2024 due in part to low hold across the board – particularly...

MGM China lives up to new 50% dividend payout policy as total 1H25 interim dividend payout declared at US$152 million

MGM China lives up to new 50% dividend payout policy as total 1H25 interim dividend payout declared at US$152 million

by Ben Blaschke
Fri 8 Aug 2025 at 04:59

MGM China on Thursday declared an interim dividend of HK$0.313 per share for the period ended on 30 June 2025, amounting to a total payout of HK$1.19 billion (US$152 million) and living up to its recently updated dividend policy by...

Your browser does not support the video tag.


IAG

© 2005-2025
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

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English