CCC to continue monitoring auctions of IPI gaming assets
CCC vice chairman Ralph S. Demapan said the commission still has an interest in some of the gaming assets that have the Commonwealth seal.
Northern Mariana Islands.- The Commonwealth Casino Commission (CCC) will continue to closely monitor auctions of Imperial Pacific International’s gaming assets. In a meeting held on Tuesday (May 2), CCC vice chairman Ralph S. Demapan said the commission was working with IPI’s security guards as it still has an interest in some of the gaming assets bearing the Commonwealth seal.
Demapan clarified that the items being auctioned were only gaming assets. The next auction is scheduled for June. Meanwhile, chairman Edward C. Deleon Guerrero said commissioners needed to identify all the individuals involved beyond IPI’s security guards.
Guerrero added that IPI should track the gaming equipment being sold and negotiate with the court-appointed receiver, Clear Management. Demapan said Clear Management should have a complete inventory of the gaming assets based on his conversations with IPI’s security guards and that anything sold would be itemised.
In October 2021, Chief Judge Ramona V. Manglona appointed Clear Management as the receiver to sell IPI’s gaming equipment to satisfy a judgment awarded to USA Fanter Corporation. USA Fanter sued IPI for failing to pay the full amount under a construction contract for labour and materials provided for the improvement of IPI’s property in Garapan.
Clear Management announced that the fourth auction of gaming equipment raised more than US$225,000. The auction concluded on March 31 with acceptable bids on 22 out of 31 lots.