{"id":28750,"date":"2022-04-06T10:35:02","date_gmt":"2022-04-06T13:35:02","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=28750"},"modified":"2026-04-23T09:50:31","modified_gmt":"2026-04-23T12:50:31","slug":"ccc-chair-raises-doubts-over-ipi-request-to-finish-garapan-casino-resort","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/ccc-chair-raises-doubts-over-ipi-request-to-finish-garapan-casino-resort","title":{"rendered":"CCC chair raises doubts over IPI request to finish Garapan casino resort"},"content":{"rendered":"\n<p>Edward DeLeon Guerrero, Commonwealth Casino Commission board chair, questions why IPI has submitted a request for a five-year extension to finish its Garapan casino development.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Northern Mariana Islands.- Commonwealth Casino Commission Chairman Edward C. DeLeon Guerrero has questioned\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/clc-yet-to-consider-deadline-extension-for-ipis-garapan-casino\" target=\"_blank\">IPI&#8217;s request<\/a>\u00a0for another five years to complete its Garapan resort as the company hasn&#8217;t provided information on how it will finish the project and where it will get the money from. <\/p>\n\n\n\n<p>IPI had requested a five-year extension to finish the construction of a new casino in Garapan. However, DeLeon Guerrero asked Tao Xing, senior vice president of marketing and public affairs at IPI, how the Lottery Commission could make a decision if the company doesn&#8217;t know how much it would cost and where it will get the money. <\/p>\n\n\n\n<p>He pointed out<strong>\u00a0IPI had failed to complete the project by February 2021<\/strong>, as required by its licensing agreement. <\/p>\n\n\n\n<p>DeLeon Guerrero said: &#8220;You, IPI, should have an idea as to how much it costs to finish the project.&#8221;<\/p>\n\n\n\n<p>Xing said the company does not have details on whether it had identified a source of funding for the extension because\u00a0<strong>it only has a skeleton team to maintain operations<\/strong>. He said the project could cost between US$50m to US$250m to finish.\u00a0<\/p>\n\n\n\n<p>He said it could take about six months to raise the money and verify the information before submitting details to the Lottery Commission. Xing also said the company is waiting to see what kind of information or materials the lottery commission needs.<\/p>\n\n\n\n<p>He said: &#8220;It&#8217;s really tied to our marketing strategy going forward. Given the whole\u2026market dynamic changes, we\u2019ll probably have to reevaluate what\u2019s the target market for us, that will come down to how we\u2019re going to finish the interior.&#8221;<\/p>\n\n\n\n<p>Once the approval for the extension is received, Xing said the company may have to bring people from the US or China to complete the estimate.<\/p>\n\n\n\n<p>While\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/imperial-pacific-posts-us88-2m-loss-for-2021\" target=\"_blank\">reporting its financial results<\/a>\u00a0for the year ended December 31, IPI said it has also spoken to key creditors seeking to extend the maturity date on its debt to 2024 and beyond. It is also exploring the possibility of paying off bond-related debt by issuing new shares.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">IPI\u2019s payment delays will \u201ccomplicate matters\u201d, says CCC director<\/h2>\n\n\n\n<p>CCC executive director Andrew Yeom has commented on&nbsp;<strong>Imperial Pacific International\u2019s (IPI)&nbsp;<\/strong>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.<\/p>\n\n\n\n<p>In February,<strong>\u00a0IPI notified its remaining 40 employees that their payroll was going to be delayed\u00a0<\/strong>until further notice due to financial problems. Regulators will hold a series of meetings to decide the fate of the company\u2019s monopoly casino licence.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Edward DeLeon Guerrero, Commonwealth Casino Commission board chair, questions why IPI has submitted a request for a five-year extension to finish its Garapan casino development.<\/p>\n","protected":false},"author":176,"featured_media":26855,"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 Casino Commission is scrutinizing Imperial Pacific International's (IPI) request for a five-year extension to complete its Garapan casino, citing IPI's failure to meet prior deadlines and lack of a clear funding plan. IPI, facing significant financial distress including employee payment delays and debt restructuring, estimates the project could cost up to US$250 million, with regulators now deliberating the fate of its monopoly casino license.","focusai_entities":"Edward DeLeon Guerrero, IPI, Imperial Pacific International, Commonwealth Casino Commission, Tao Xing, Lottery Commission, Andrew Yeom","focusai_location":"Northern Mariana Islands, Garapan, US, China","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.9), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"License Revocation Impact","query":"What are the specific legal and financial mechanisms for the Commonwealth Casino Commission to revoke IPI's monopoly license, and what is the projected timeline for such a process?"},{"label":"Market Re-entry Strategy","query":"In the event of IPI's license revocation, what regulatory frameworks and timelines would govern the re-tender process for the Northern Mariana Islands' integrated resort concession, and what are the key criteria for potential new entrants?"}],"footnotes":""},"categories":[16336,157,158],"tags":[21613,14213],"class_list":["post-28750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","category-slider-home","tag-commonwealth-casino-commission","tag-imperial-pacific"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28750","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=28750"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28750\/revisions"}],"predecessor-version":[{"id":28762,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28750\/revisions\/28762"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26855"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=28750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=28750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=28750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}