Team King Investment (CNMI) LLC, a recently incorporated company which in February won a bid to acquire the casino assets of Imperial Pacific International, has officially closed the deal and taken ownership.
According to local media outlet Marianas Variety, the deal closed on 20 August after IPI confirmed to the court that US$12.95 million – the amount of Team King’s successful bid – had been deposited into escrow. The sale had been delayed due to a dispute over the ground lease.
Team King now takes hold of IPI’s core assets, including its stalled hotel development, a leasehold interest on almost 20,000 square meters of land and an option to acquire IPI’s casino license. It is unclear if Team King plans to resume development of the property, with cost requirements to complete IPI’s original plans estimated at around US$150 million.
There are also allegations that Team King boasts insider links to IPI. Incorporated in February, the company’s founding documents were submitted by Howyo Chi, who is claimed to be an IPI director, while its sole manager Hiroshi Kaneko had previously planned to invest US$300 million into IPI.
The only other bid in February’s auction was from an individual with known ties to Ji Xiaobo – the son of IPI founder and majority shareholder Cui Li Jie. Cui and Ji had in 2009 founded Macau junket investor Heng Sheng.
Nevertheless, Marianas Variety reports that Team King has already agreed to remove by next week 28 IPI storage containers currently held in a storage facility owned by local ports firm Saipan Stevedoring and pay the US$272,580 in fees accrued.