{"id":10755,"date":"2020-10-08T21:16:35","date_gmt":"2020-10-08T21:16:35","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=10755"},"modified":"2026-04-24T01:08:08","modified_gmt":"2026-04-24T04:08:08","slug":"ipi-gets-6-month-deferral-on-us20m-debt","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/ipi-gets-6-month-deferral-on-us20m-debt","title":{"rendered":"IPI gets 6-month deferral on US$20m debt"},"content":{"rendered":"\n

The proposal to split the payment of its casino fee for 2020 has been rejected by the Commonwealth Lottery Commission.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.- Imperial Pacific International (IPI) has been granted a six-month deferral on the US$20 million debt it holds with the islands’ community benefit fund.  <\/p>\n\n\n\n

The\u00a0Commonwealth Lottery Commission (CLC) has meanwhile ruled out IPI\u2019s proposal to pay its US$15.5 million casino licence fee for 2020 in two instalments, one this year and another in 2021.\u00a0\u00a0<\/p>\n\n\n\n

At a meeting held at the Office of the governor this Thurday, CLC chair Mark Rabauliman said IPI made nine requests, but that they were all mostly covered by law or needed legislative treatment, except for that regarding its debt with the community fund.  <\/p>\n\n\n\n

Commissioners David DLG Atalig and Robert Guerrero agreed to only consider a postponement of the US$20 million payment due this month, and granted an extra six months due to \u201cforce majeure\u201d.<\/p>\n\n\n\n

Rabauliman said he is hoping that IPI will use this extension to start paying off its debt to the community fund, so that the suffering of some can be relieved with the funds, Saipan Tribune reported. <\/p>\n\n\n\n

IPI was due to pay its US$15.5 million licence fee on August 12. The operator said this week it was willing to pay US$7.75 million<\/a><\/em><\/strong> in 10 days\u2019 time and the remaining US$7.75 million in February 2021.  <\/p>\n\n\n\n

It would then pay next year\u2019s fee, for the seventh year of its casino licence agreement, with US$7.75 million on August 12, 2021, and the remainder in the second half of the year. <\/p>\n\n\n\n

The firm has also requested the commission reduce its US$$3 million regulatory fee to US$1 million, arguing that without gaming operations it requires less oversight. <\/p>\n\n\n\n

Neither of the proposals were considered by the commission.<\/p>\n","protected":false},"excerpt":{"rendered":"

The proposal to split the payment of its casino fee for 2020 has been rejected by the Commonwealth Lottery Commission.<\/p>\n","protected":false},"author":2,"featured_media":10758,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Commonwealth Lottery Commission (CLC) has rejected Imperial Pacific International's (IPI) proposal to pay its US$15.5 million 2020 casino license fee in two instalments. However, the CLC granted IPI a six-month deferral on a US$20 million debt to the islands\u2019 community benefit fund, citing \"force majeure.\" IPI's request to reduce its US$3 million regulatory fee was also not considered, highlighting ongoing financial and regulatory challenges for the operator.","focusai_entities":"Imperial Pacific International (IPI), Commonwealth Lottery Commission (CLC), Mark Rabauliman, David DLG Atalig, Robert Guerrero, Office of the governor, Saipan Tribune","focusai_location":"Northern Mariana Islands, Saipan","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.9), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IPI's Financial Viability?","query":"What are the long-term implications of Imperial Pacific International's (IPI) ongoing financial challenges and the Commonwealth Lottery Commission's (CLC) decisions on its operational viability and license continuity in the Northern Mariana Islands?"},{"label":"Regulatory Precedent?","query":"Does the CLC's granting of a 'force majeure' deferral for the community benefit fund debt, while rejecting the license fee instalment plan, establish a specific regulatory precedent for other operators facing financial distress in this jurisdiction?"}],"footnotes":""},"categories":[16336,163],"tags":[14213,22675],"class_list":["post-10755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","tag-imperial-pacific","tag-northern-mariana-islands"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=10755"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10755\/revisions"}],"predecessor-version":[{"id":19720,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10755\/revisions\/19720"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/10758"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=10755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=10755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=10755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}