IPI debt with the CCC could increase to US$55.9
The company is due to pay its annual casino licence fee and annual casino regulatory fee by August and October, respectively.
Northern Mariana Islands.- Imperial Pacific International had a new financial headache approaching. In the coming months, it’s scheduled to pay its annual casino licence fee and annual casino regulatory fee. If it doesn’t, its debt to the Commonwealth Casino Commission (CCC) could rise to US$55.9m.
IPI still needs to make annual licence fee payments that were due August 2020 and August 2021 and the annual casino regulatory fee due October 2020 and October 2021. Together they total of US$37.3m.
According to CCC chair Edward C. DeLeon Guerrero, IPI has to pay an annual casino exclusive licence fee of US$15.5m and annual casino regulatory fees of US$3.1m, which is the main source of financing for the regulator.
CCC’s revenue for the fiscal year 2021 was only $20,215. Andrew Yeom, the regulator’s executive director told commission chairman Edward C. Deleon Guerrero revenue was limited due to IPI’s failure to pay its fees.
CNMI Court extends temporary restraining order against CCC
As previously reported by Focus Gaming News, Chief Judge Ramona V. Manglona has extended a temporary restraining order (TRO) against the Commonwealth Casino Commission until 12pm on July 8.
The judge 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.”
She has scheduled a status meeting for Friday July 1 at 9,00am and ordered all parties to attend. Attorneys from off-island may appear via video conference call and will be referred to the case officer for further instructions.
