IPI proposes splitting licence fee payment
The operator wants to pay half in 10 days’ time three payments in 2021 to comply with its agreement.
Northern Mariana Islands.- Imperial Pacific International (IPI) has proposed splitting the US$15.5 million payment it owes for its casino licence.
The operator said it is willing to pay US$7.75 million in a 10 days’ time and the remaining US$7.75 million in February 2021.
It would then pay next year’s fee, for seventh year of its casino licence agreement, with US$7.75 million on August 12, 2021, and the remainder of in the second half of the year.
If the proposal is accepted by the Commonwealth Lottery Commission, IPI would resume full annual US$15.5 million payments in 2022.
The Commission would have to amend IPI’s casino licence agreement for the ninth time for the initiative to move forward.
IPI was due to pay its US$15.5 million fee for this year on August 12. The operator requested postponement of the payment in light of the Covid-19 pandemic.
The firm also requested the Commission reduce its US$$3 million regulatory fee to US$1 million, arguing that without gaming operations it required less oversight. It also asked to postpone its 2020 payment to the islands’ community benefit fund.
In its request, IPI informed the Commission that it will complete 350 rooms in three years for the Imperial Palace Resort in Marpi. In Phase 1, the complex is due to have 2,000 hotel rooms finished within five years.
