IPI has made a payment of US$120,000 for the rent of the public land where its Garapan casino-hotel is situated.
Northern Mariana Islands.- Imperial Pacific International (IPI) has reported that it has paid US$120,000 for the rent of the public land on which its Garapan casino-hotel is located. The company still has an outstanding balance of over US$29,000 for rent due on May 1, 2023.
The Department of Public Lands (DPL) had previously issued a notice of violation to IPI, giving it 30 days to settle rent of US$179,761.90 from May 1 to April 30, 2024. The annual rent for the public land lease in Garapan is US$250,000, but IPI had made a partial payment of US$25,426.43 on November 16, 2022.
In addition to the rental payment, IPI was required to provide a security deposit of US$250,000 to the DPL. However, this deposit was used to cover IPI’s rent obligation on April 29, 2021.
How Yo Chi, the business partner responsible for human resources at IPI, said the company remains committed to fulfilling its obligations to the Commonwealth of the Northern Mariana Islands (CNMI) government and expressed optimism regarding the outcome of the recent arbitration hearing with the Commonwealth Casino Commission (CCC) in Honolulu.
The details of the arbitration proceedings have not been disclosed but, according to Mariana’s Variety, the CCC is scheduled to address the matter during its upcoming regular meeting on May 31.