{"id":32246,"date":"2022-08-01T03:23:28","date_gmt":"2022-08-01T06:23:28","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=32246"},"modified":"2026-04-23T06:22:23","modified_gmt":"2026-04-23T09:22:23","slug":"ih-group-chairman-visits-ipi-site-in-garapan","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/ih-group-chairman-visits-ipi-site-in-garapan","title":{"rendered":"IH Group chairman visits IPI site in Garapan"},"content":{"rendered":"\n

IH Group is to take over IPI’s casino and luxury villas. Construction of the hotel tower will continue as planned.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.- IH Group chairman Kyunam Kim and other company officials toured Imperial Pacific International<\/strong>‘s\u00a0casino, 15 luxury mansions and the unfinished hotel complex in Garapan yesterday (Sunday). He promised that work will continue and that the project will contribute to the Northern Mariana Islands’ economy.<\/p>\n\n\n\n

In May, IPI reported it had signed\u00a0a memorandum of agreement<\/a>\u00a0with\u00a0South Korea\u2019s IH Group<\/strong>\u00a0to secure funding to help it reopen its casino in Garapan and pay some of its obligations, including payroll and outstanding payables to vendors. IH will take over operations of IPI’s casino and luxury villas<\/strong> and has pledged to continue building the hotel complex.<\/p>\n\n\n\n

According to Mariana’s Variety, Kim said: “This project\u2026will soon proceed smoothly and will contribute greatly to the economic recovery of the CNMI.”<\/p>\n\n\n\n

CCC wants to resume proceedings to revoke IPI\u2019s licence<\/h2>\n\n\n\n

Due to continuous delays<\/a>, last week the CCC filed an opposition to IPI\u2019s motion for a preliminary injunction that prevented it from revoking IPI\u2019s casino licence.<\/p>\n\n\n\n

According to CCC attorneys, the basis of IPI\u2019s initial motion is that Section 30 of the Casino Licence Agreement (CLA) requires arbitration, or an alternate resolution outside court, for its force majeure defence.<\/p>\n\n\n\n

IPI claims that it was unable to meet its financial obligations under the CLA<\/strong> as a result of the Covid-19 pandemic and Super Typhoon Yutu, which negatively impacted its business. However, attorneys for the CCC have argued that IPI\u2019s motion should be dismissed<\/strong> because the plaintiff has failed to demonstrate the four factors required for this special relief: the likelihood of success on the merits, irreparable damages, hardship damages and advancement of the public interest.<\/p>\n","protected":false},"excerpt":{"rendered":"

IH Group is to take over IPI’s casino and luxury villas. Construction of the hotel tower will continue as planned.<\/p>\n","protected":false},"author":176,"featured_media":20377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"IH Group is set to assume operational control of Imperial Pacific International's casino and luxury villas in the Northern Mariana Islands, committing to project completion and financial injection to facilitate reopening and address IPI's liabilities. Concurrently, the Commonwealth Casino Commission is actively pursuing the revocation of IPI's casino license, challenging IPI's force majeure defense and arbitration claims.","focusai_entities":"IH Group, Imperial Pacific International, IPI, Kyunam Kim, Commonwealth Casino Commission, CCC","focusai_location":"Northern Mariana Islands, Garapan, South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (0.7), investor_analyst (0.9), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Operational Takeover Timeline","query":"What is the projected timeline for IH Group's full operational takeover and the resolution of IPI's outstanding vendor obligations, including the reopening of the casino?"},{"label":"Force Majeure Precedent","query":"How will the CCC's legal challenge to IPI's force majeure defense impact future regulatory interpretations of unforeseen circumstances clauses within iGaming licensing agreements globally?"}],"footnotes":""},"categories":[16336,157],"tags":[24134,22674],"class_list":["post-32246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-imperial-pacific-international","tag-ipi"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32246","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=32246"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32246\/revisions"}],"predecessor-version":[{"id":32257,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32246\/revisions\/32257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20377"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}