Published
Land-BasedFinancialIndustry

Imperial Pacific International fears closure

Imperial Pacific International (IPI) stated it may have to permanently close the Imperial Palace‧Saipan resort due to a lack of finances. The announcement is directly related to the $5.6 million the company has to pay to its former contractor, Pacific Rim Land Development LLC.

CourtCase

In late April, IPI appealed to the US Court of Appeals for the Ninth Circuit after the Federal Court sent a ruling to pay Pacific Rim for breaching a promissory note. IPI argues the cost of work was overstated.

IPI recently requested the US District Court for the Northern Mariana Islands to suspend the proceedings while the appeal is still in process. Otherwise, according to IPI’s counsel, “If the judgment becomes enforceable while the appeal is pending, IPI will be unable to pay it, and will likely have to close permanently.” 

IPI’s predicament became even more apparent when power was cut off in both Imperial Palace‧Saipan and the company’s head office due to unpaid bills. Last year, IPI was late to pay its annual casino license fee of $15 million and is also putting company payrolls at risk.

IPI council said the salaries of 1,066 employees depend on the court’s decision, adding: “Failing to stay proceedings will only exacerbate IPI’s current financial distress. It will not just put IPI at risk of further financial distress, it will also put the people of Saipan at risk of layoffs, empty pockets, lack of food and shelter, and increased crime and violence.”

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Seminole Hard Rock Support Services
Seminole Hard Rock Support Services
Metropolitan Gaming
Holland Casino
Follow Us

Facing Facts: Q1 2024 analysis from across the globe

Gambling Insider tracks the Q1 results of operators across t...

Taking Stock: A guide to sports betting operator and supplier prices

Gambling Insider tracks sports betting operator and supplier...

Tailor-made: The power of personalisation in the modern gaming industry

With insights from GR8 Tech, Greentube and the Oregon Lotter...

Sportradar and the Taiwan Sports Lottery: More offerings, greater efficiency

Danny Fok, VP of Strategic Projects at Sportradar, speaks al...