The new investor would not pay IPI’s debts to the government and the Commonwealth Casino Commission.
Northern Mariana Islands.- Edward C. DeLeon Guerrero, the Commonwealth Casino Commission (CCC) board chair, has revealed that a potential investor has expressed a willingness to invest in completing Imperial Pacific International (IPI)’s unfinished casino resort.
During a CCC board meeting, DeLeon Guerrero said the prospective investor is prepared to take on the task but would not pay the CCC and CNMI fees that IPI owes: US$62m in casino licence fees owed to the CNMI government and US$14.5m in regulatory fees owed to CCC.
Guerrero asserted that if IPI lacks the funds to fulfil its financial obligations and complete the resort, it should forfeit its casino licence. During the same meeting, Martin Mendiola from Rota and Ramon M. Dela Cruz from Tinian, proposed that the CNMI government work with IPI to revive the islands’ casino sector.
Mendiola emphasized the need to find a solution that would revive the casino industry in order to benefit the CNMI. According to Mariana’s Variety, he said: “Let’s move the industry forward. Let’s put our heads together. Let’s come up with a possible best option together.”
Dela Cruz suggested that a settlement should be explored to provide IPI with the necessary leeway to recover. He highlighted the potential difficulties in collecting from IPI should the CCC revoke its exclusive casino licence.