IPI’s payment delays will “complicate matters”, says CCC director

Andrew Yeom, the Commonwealth Casino Commission’s executive director, has said that delays in paying the salaries of Imperial Pacific International’s remaining employees will cause more complications.

Northern Mariana Islands.- In his latest Commonwealth Casino Commission report, executive director Andrew Yeom has commented on Imperial Pacific International’s (IPI) problems meeting its payment obligations. According to Yeom, there were delays in payment to IPI employees for the February 7 to 20; February 21 to March 6; and March 7 to 20 pay periods.

In February, IPI notified its remaining 40 employees that their payroll was going to be delayed until further notice due to financial problems. The company has been facing financial difficulties since the closure of the Imperial Pacific Resort in Garapan in March 2020. The company’s gaming licence was then suspended indefinitely as the operator failed to comply with regulatory orders.

Yeom said: “We found this to be a very concerning matter if…true and it warranted our investigation. Shortly thereof, we contacted IPI to inquire about the validity of this claim. 

“We were informed by their Human Resource Director that the claim is true and mostly correct and that they have referred the matter to their legal team and a newly formed task force…for their due diligence.” 

He said IPI has asked for time for due diligence as well as to seek remedial solutions but added that there could be two more enforcement actions against IPI “relating to tax law violations, which translate to major violations of our casino regulation.”

Regulators will hold a series of meetings to decide the fate of the company’s monopoly casino licence.

The company has recently reported a loss of HK$690.8m (US$88.2m) for 2021. It said it is committed to resuming work on its Saipan casino and laid out a series of steps aimed at turning around the business. The casino operator said its loss narrowed from the previous year’s HK$7.39bn (US$943.6m).

Two New Jersey investors interested in operating casinos in Saipan, says CCC director

In interview with the Saipan Tribune last month, Andrew Yeom revealed that two New Jersey investors are interested in operating an offline and online casino in Saipan.

Yeom said he could not give more details until the situation of current licensee Imperial Pacific International is clarified. He would not elaborate on whether the investors were interested in buying IPI’s casino complex in Garapan.