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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

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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.

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Tags: casino licenseCNMICreditorsImperial Pacific InternationalImperial Palace‧SaipanliquidationSaipan
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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.

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