IPI seeks new investors to fund casino reopening

Imperial Pacific International is looking for investors to provide the funds it needs to reopen its casino.

Northern Mariana Islands.- Imperial Pacific International (IPI) is looking for investors to help it reopen in casino in Saipan next year. The Saipan Tribune reports that according to IPI adviser Tao Xing, the casino operator has been talking with a number of potential investors.

Speaking at the Commonwealth Casino Commission board’s monthly meeting, Xing said an investor was expected to come on board soon and that IPI would be able to open its casino in the first half of the year.

Asked by CCC chair Edward C. Deleon Guerrero when IPI would appoint a chief executive officer, Zing said any major investor would be involved in the decision. However, Deleon Guerrero said the appointment of a CEO should come first along with guidance on how IPI will fulfil its commitments.

Deleon Guerrero also asked how IPI would approach reopening now that much of its inventory has been auctioned. Xing said that with adequate financial resources, IPI would obtain new equipment, however the CCC chair noted that buying equipment would take time due to licensing requirements and audit procedures. Xing said he understood this but hoped an investor will bring in an experienced team that has done such operations before.

Chief Justice Ramona Manglona has approved a request from IPI’s receiver Clear Management to sell IPI gaming equipment worth $410,000.In May, IPI reported that it had signed a memorandum of agreement with South Korea’s IH Group to secure funding to help it reopen its casino in Garapan and pay some of its obligations, including payroll and outstanding payables to vendors. However, so far there has been no news regarding the agreement.