CLC yet to consider deadline extension for IPI’s Garapan casino

Imperial Pacific’s request for a five-year extension to finish the construction of a new casino in Garapan hasn’t yet been answered by the Commonwealth Lottery Commission.

Northern Mariana Islands.- In August, Imperial Pacific International submitted a request to the Commonwealth Lottery Commission (CLC) asking for a five-year extension to finish its Garapan casino development, but the CLC has yet to meet to talk about the request. The casino operator was supposed to finish its new IR in Garapan by February 28 but failed to meet that deadline.

Tao Xing, IPI senior vice president of marketing and public affairs, told the Commonwealth Casino Commission that once the CLC starts an investigation, IPI will provide evidence of how it will obtain the funds needed to complete the project.

But Andrew Yeom, CCC executive director, said “You keep asking [them to’ give you the schedule. It should be the other way. They’re waiting for such information. At this point, they’re perturbed. They don’t know what to do with you because obviously, the information that you provided is insufficient.”

CCC chair Edward C. DeLeon Guerrero added IPI should prepare a position statement on how it will complete the project if it has money. He said this is an obligation of IPI because it is the defaulter, not the government.

CCC monitoring IPI assets after auction delayed

Andrew Yeom said that the regulator is keeping a close eye on Imperial Pacific International assets following the postponement of a possible auction. He said the CCC’s Information Technology and Enforcement & Investigation team “has been monitoring daily all of the movements involving IPI’s gaming assets for auction”.

The first of the six auctions was originally scheduled to be held on November 30, however, the receiver Clear Management Ltd has postponed the auction for 30 days after IPI requested more time to settle a lawsuit with a former contractor. The sale will be cancelled if IPI can reach an agreement before December 15.

The auction was ordered after USA Fanter sued IPI for failing to pay the full contract for labour and materials provided for the improvement of IPI’s property.

Yeom said the CCC plans to follow all of the items that will be sold through the auction by obtaining copies of the bills of sale.