• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 31 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
  • 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

Creditors committee pushing for casino license to be included in liquidation of IPI’s Saipan assets

Newsdesk by Newsdesk
Tue 24 Sep 2024 at 05:31
Pacific puzzle

Imperial Palace · Saipan

30
SHARES
749
VIEWS
Print Friendly, PDF & Email

A group of creditors owed money by former Saipan casino operator Imperial Pacific International (CNMI) LLC have sought leave to have the collapsed company’s assets sold with its casino rather than as a purely real estate play in a bid to increase the sale value.

According to a report by Saipan Tribune, the official committee of IPI general unsecured creditors has filed an application with the Northern Mariana Islands’ bankruptcy court seeking permission to hire Intrepid Investment Bankers LLC to identify potential buyers that have been overlooked by IPI.

IPI in August filed a motion to allow it to liquidate its real estate assets in a move that would not include the sale of its exclusive casino license on Saipan. Those real estate assets include the hotel and casino building that previously comprised Imperial Palace • Saipan, a leasehold interest in almost 20,000 square meters of land from the Department of Public Lands and leasehold interest in eight adjacent lots held by IPI subsidiary Imperial Pacific Properties, LLC.

In a motion filed in response to IPI’s Bid Procedures Motion, the creditors committee said its proposed investment banker would “bring the necessary expertise and industry connections to market the business effectively as a holistic business. Should this approach not succeed, the real estate broker proposed by the debtor can then proceed with a real estate sale. This comprehensive and strategic asset disposition plan will benefit both the estate and creditors.”

The motion also noted that by excluding the casino license from IPI’s liquidation plans, potential investors were being deterred from exploring the opportunity.

“Although the [Commonwealth Casino Commission] has stated that a casino license will not be granted to the debtor or parties connected to the debtor, it has expressed a willingness to work with disinterested bidders for granting a casino license,” the creditors committee said.

“By treating the assets merely as real estate, the debtor deters potential buyers in the gaming and gambling industry from submitting bids, thereby missing opportunities to capture the cumulative value of the assets as a casino hotel.”

“[Adopting a] comprehensive approach alerts potential buyers of the opportunity to purchase the casino license and operating the property as a casino, thereby enhancing the estate’s overall value. The committee owes a fiduciary duty to the creditors and is thus obligated to explore this option to ensure the best possible financial recovery.”

The likely sale of IPI’s assets come after an ongoing battle between the company and the regulator, the CCC, in regard to the state of its casino license. The CCC had planned a series of revocation hearings in relation to the license – which has been suspended since early 2021 – but has been unable to proceed since the company filed for Chapter 11 bankruptcy in April.

The casino at Imperial Palace • Saipan has been shuttered since early 2020 while IPI’s debts, including fees and obligations owed to the government, are said to comfortably exceed US$100 million.

RelatedPosts

Pacific puzzle

Team King completes acquisition of Saipan casino assets but IPI ownership links linger

Mon 25 Aug 2025 at 05:33
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
Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Tue 22 Jul 2025 at 05:21
Crown saga claims new scalp as Western Australia’s Chief Casino Officer steps down over conflict of interest claims

Crown Perth deemed suitable to maintain casino license after three-year remediation

Tue 8 Jul 2025 at 12:40
Load More
Tags: casino licenseCNMICreditorsImperial Pacific InternationalImperial Palace‧SaipanliquidationSaipan
Share12Share2
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 – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

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

Related Posts

Melco prices US$750 million Senior Notes offering

Melco Resorts parent Melco International back in the black with US$45 million 1H25 profit

by Ben Blaschke
Sun 31 Aug 2025 at 08:45

Melco’s Hong Kong-listed parent Melco International Development Ltd recorded a profit attributable to owners of the company of HK$350.8 million (US$45.0 million) for the six months to 30 June 2025, buoyed by the improved performance of its gaming and non-gaming...

Morgan Stanley: Macau’s peninsula IRs could claim some GGR share from closure of SJM’s satellites

SJM still in discussions over acquisition of Macau satellite casinos Ponte 16 and L’Arc

by Ben Blaschke
Sun 31 Aug 2025 at 08:43

SJM Holdings is still in discussions over a possible acquisition of two Macau satellite casinos as it continues preparations for the cessation of the city’s satellite industry, management has confirmed. The update formed part of the company’s earnings call late...

Macau hotel occupancy rate reached 91% in July, up 1.9 percentage points year-on-year

Macau hotel occupancy rate reached 91% in July, up 1.9 percentage points year-on-year

by Pierce Chan
Sun 31 Aug 2025 at 06:32

Macau’s hotel occupancy rate surpassed the 90% threshold in July, reaching 91% for a year-on-year gain of 1.9 percentage points, according to information from the Statistics and Census Service. Benefiting from the summer holiday peak season, all tourism metrics in...

SBC Summit 2025 to explore the future of digital with Web 3.0 and Blockchain Academy

SBC Summit 2025 to explore the future of digital with Web 3.0 and Blockchain Academy

by Newsdesk
Sun 31 Aug 2025 at 06:29

Delegates at the upcoming SBC Summit 2025 will gain hands-on experience in Web 3.0 and blockchain through a new academy dedicated to decentralized technologies. The program includes practical workshops, discussions and a live session with marketing powerhouse Gary Vaynerchuk. The academy is part of SBC’s...

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
  • 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

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

  • 中文
  • English