IPI given 30 days to pay US$62m in casino licence fees
The Commonwealth Casino Commission says that if IPI doesn’t pay, its licence could be revoked.
Northern Mariana Islands.- The Commonwealth Casino Commission (CCC) has determined that Imperial Pacific International (IPI) must pay US$62m in casino licence fees to the CNMI government within 30 days. The regulator said that failure to do so could result in the revocation of IPI’s exclusive casino licence.
The decision was made during a CCC meeting chaired by Edward C. Deleon Guerrero and attended by vice chairman Ralph S. Demapan and commissioners Ramon Dela Cruz, Mario Taitano, and Martin Mendiola. According to Mariana’s Variety, the CCC established the deadline following a directive from the Supreme Court to determine a reasonable timeframe for IPI to settle its outstanding fees.
According to the CCC, IPI owes the CNMI government US$15.5m a year for its exclusive casino licence fees for the years 2020, 2021, 2022, and 2023, giving a total of US$62m. The 30 days will commence once IPI formally acknowledges receipt of the CCC’s order, which is expected to be issued on Monday.
The CCC had provided an opportunity to IPI director How Yo Chi to present a payment proposal, but Chi said the licence’s suspension made it difficult for IPI to define a timeline. Chi offered to pay US$6m per year for two to four years during a “transition period” to allow IPI to resume casino operations and complete its hotel project, which has been inactive since March 2020. He said a Japanese investor has pledged US$350m for the casino-hotel project, contingent on IPI retaining its licence.
