CCC may resume revocation proceedings against IPI
IPI has sought approval to sell its Garapan casino.
Northern Mariana Islands.- The Commonwealth Casino Commission (CCC) board chair Edward DeLeon Guerrero has stated that if IPI liquidates its assets without a licence, there is no reason to delay revocation proceedings.
IPI has requested approval from the federal bankruptcy court to sell its unfinished Garapan hotel casino and real estate assets to Loi Lam Sit for US$10m. Loi Lam Sit is a resident of Hong Kong who manages Top Pride International, a wholesale distributor of cosmetic products.
Deleon Guerrero said the CCC wants to go ahead with the revocation proceedings and added that once a new member joins the CCC board, the regulator will have a quorum. IPI owes the CNMI over US$62m in licence fees and more than US$17.6m in regulatory fees for the years 2020 through 2023.
Chief judge Ramona V. Manglona of the District Court for the NM has scheduled a status conference on IPI’s motion seeking court approval for the sale of most of its assets for November 20.
