In light of substantial debts and legal challenges, Imperial Pacific International (IPI), a gambling company, has submitted a proposal to transfer its license to a new investor. The Commonwealth Casino Commission (CCC) is reviewing this proposition, with the hope of avoiding a potential revocation of the license.
IPI inaugurated a casino resort on Saipan, a Pacific island, in 2017. However, various challenges, including the closure of the establishment in March 2020 due to the COVID-19 pandemic, have contributed to the company's financial difficulties. Unable to address its considerable debts, which amount to hundreds of millions, IPI faced a license suspension in 2021. After a three-year legal battle that concluded with the US Supreme Court dismissing the operator's petition, IPI is now seeking to cease operations to avoid further legal proceedings.
As part of the proposed settlement, IPI is willing to relinquish its exclusive rights to the license, make a $31 million payment for outstanding royalties, and contribute an additional $16 million to lift the license suspension.
