CCC and IPI move closer to settlement agreement
The settlement may the casino regulator’s complaints against IPI.
Northern Mariana Islands.- The NMI’s US District Court has been notified that Commonwealth Casino Commission (CC) and Imperial Pacific International (IPI) are close to finalising a settlement. A draft of the agreement is currently being circulated between the parties.
Andrew Yeom, executive director of the Commonwealth Casino Commission (CCC), has said that the settlement may be reached to resolve the regulator’s five complaints against Imperial Pacific International. Chief Judge Ramona V. Manglona has scheduled a status meeting for Tuesday, July 12 at 8.30am and ordered each party’s attorneys to report on the status of the settlement by July 11 at the latest.
Manglona had previously issued a temporary restraining order preventing the Commonwealth Casino Commission (CCC) from holding a hearing to revoke IPI’s exclusive casino commission.
She said: “The Court extends this TRO based on the parties’ representation that they have made significant progress toward settlement and require additional time to finalize the terms of an agreement in principle and to enter a comprehensive settlement agreement memorializing those terms, to allow them time to resolve this matter without proceeding to an order to show cause hearing for a preliminary injunction.”
IPI reaches agreement to complete casino hotel in Garapan
As previously reported by Focus Gaming News, IPI has reached an agreement with several companies to finish the construction of its Garapan casino hotel. It has entered into a construction contract with an independent contractor, who has committed to financing and completing the remaining structure of the venue in Garapan.
Meanwhile, in an agreement with a company called Sino Travel Samoa Limited, IPI will lease 250 hotel rooms and 15 villas for a term of four years. The company has also entered into an exclusive cooperation agreement with Fujian Jiadingsheng Supply Chain Management Co. Ltd to operate a shopping mall at Imperial Palace for a term of four years from October 20.
