Team King seeks handover of IPI casino lease
Team King was the successful bidder in the IPI casino assets auction.
Northern Mariana Islands.- Team King Investment, the winning bidder of the auction of Imperial Pacific International’s (IPI) casino assets, is seeking to take over the public land lease contract between the Department of Public Lands (DPL) and IPI, according to Commonwealth Casino Commission chairman Edward C. Deleon Guerrero.
According to Marianas Variety, Deleon Guerrero said Team King is assuming certain liabilities, including the unfinished hotel-casino building in Garapan. The CCC chairman noted that a report indicated that IPI had spent US$150m on the hotel-casino project in Garapan, which would imply that US$350m should remain available to complete the construction.
However, Deleon Guerrero said there’s some disagreement between DPL and Team King on the transfer of leasehole. He added that once the US$12.9m is paid, issues concerning insurance would no longer be a problem, as Team King would assume responsibility for insurance costs.
Last week, Deleon Guerrero sent a letter to senate president Mendiola and speaker Edmund S. Villagomez, in which he said the commission “is poised to resume its regulatory work”.
The Northern Mariana Islands government and the committee of IPI’s unsecured creditors objected to the sale, arguing that the winner was an insider. However, a stipulation agreed between IPI, its creditors’ committee, the Commonwealth Casino Commission (CCC) and key secured claimants led to the withdrawal of objections in exchange for a court-approved distribution plan. This includes US$5m allocated to the CNMI Division of Revenue and Taxation (CNMI DRT) and US$1.5m to secured creditors, with any remaining funds to be held in trust by an escrow agent.
Meanwhile, the Senate Committee on Gaming is inviting members of the public to submit written testimony on governor Arnold I. Palacios’ order to dissolve the Commonwealth Casino Commission (CCC).
The committee’s chair, Corina Magofna, issued notice of a meeting to deliberate on Executive Order 2025-002. The notice reads: “Members of the general public are encouraged to submit written testimony before the committee meeting,” adding that oral testimonies may be presented.
