IPI reaches agreement to complete casino hotel in Garapan

The company will lease the majority of its hotel rooms and villas and will set up a shopping mall.
The company will lease the majority of its hotel rooms and villas and will set up a shopping mall.

IPI has also signed a four-year agreement with Sino Travel Samoa Limited to lease 250 hotel rooms and 15 villas at its Garapan casino hotel.

Northern Mariana Islands.- Imperial Pacific International (IPI) has announced that it has reached an agreement with several companies to finish the construction of its Garapan casino hotel. It has entered into a construction contract with an independent contractor, who has committed to financing and completing the remaining structure of the venue in Garapan.

Meanwhile, in an agreement with a company called Sino Travel Samoa Limited, IPI will lease 250 hotel rooms and 15 villas for a term of four years. The company has also entered into an exclusive cooperation agreement with Fujian Jiadingsheng Supply Chain Management Co. Ltd to operate a shopping mall at Imperial Palace for a term of four years from October 20.

According to Mariana’s Variety, the mall will produce a minimum annual turnover of HK$300m (US$38.5m) and a net profit of HK$20m (US$2.6m). The agreements are subject to the approval of authorities.

IPI’s gaming licence was suspended indefinitely in 2021 as the operator failed to comply with regulatory orders to pay its licence fees. However, the company is said to be close to reaching an agreement with the Commonwealth Casino Commission (CCC) to resolve the regulator’s five complaints against it.

Andrew Yeom, CCC’s executive director, said a settlement may be agreed upon before the July 8 expiration of a temporary restraining order issued by Chief Judge Ramona V. Manglona.

Yeom said there had been differences of opinion between the two sides while discussing the settlement but that there are currently no major obstacles. He said there remained only a few details to work out, which he believes will be agreed upon soon.

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