The Commonwealth Casino Commission vice chair Rafael S. Demapan says most of IPI\u2019s gaming equipment in the Northern Mariana Islands has already been sold.<\/p>\n\n\n\n\n\n\n\n
Northern Mariana Islands.- Rafael S. Demapan<\/strong>, the vice chair of the Commonwealth Casino Commission (CCC) <\/strong>has disclosed during a board meeting that the fifth auction of Imperial Pacific International (IPI)’s gaming equipment is scheduled to take place in September. He said most equipment from the Garapan casino had now been sold following the fourth auction.<\/p>\n\n\n\n Demapan said: “Most of it is gone, but there are [still] some.”<\/p>\n\n\n\n The auctions were mandated by a federal court as part of the receivership granted to IPI’s former contractor, USA Fanter Corp., which\u00a0filed a lawsuit against IPI for unpaid materials and services<\/a>. The proceeds from the auctions are intended to repay USA Fanter Corp.<\/p>\n\n\n\n The fourth auction<\/a>\u00a0raised more than US$225,000. It concluded on March 31 with acceptable bids on 22 out of 31 lots. The US District Court for the Northern Mariana Islands has granted the US Marshals Service the authority to\u00a0seize vehicles owned by IPI<\/a> to pay a court order in favour of\u00a0USA Fanter Corp<\/a>\u00a0for failure to pay for labour and construction materials.<\/p>\n\n\n\n The court order states that IPI vehicles, including heavy equipment, have an estimated value of US$1m. However, the court acknowledges that the vehicles may have depreciated due to a lack of maintenance.<\/p>\n","protected":false},"excerpt":{"rendered":" The Commonwealth Casino Commission vice chair Rafael S. Demapan says most of IPI\u2019s gaming equipment in the Northern Mariana Islands has already been sold.<\/p>\n","protected":false},"author":176,"featured_media":13222,"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's vice chair, Rafael S. Demapan, announced the fifth auction of Imperial Pacific International's gaming equipment in the Northern Mariana Islands, with most assets from the Garapan casino already sold. These court-mandated auctions aim to repay USA Fanter Corp. for unpaid services, with previous sales generating over US$225,000, and further asset seizures, including vehicles valued at US$1 million, authorized.","focusai_entities":"Rafael S. Demapan, Commonwealth Casino Commission (CCC), Imperial Pacific International (IPI), USA Fanter Corp., US District Court for the Northern Mariana Islands, US Marshals Service","focusai_location":"Northern Mariana Islands, Garapan","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.9), operator_casino (0.9), investor_analyst (0.9), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IPI's Remaining Assets?","query":"What is the estimated total value of Imperial Pacific International's remaining assets, including real estate and intellectual property, and what is the projected timeline for their full liquidation to satisfy outstanding creditor claims?"},{"label":"Regulatory Implications?","query":"What are the long-term regulatory implications for the Northern Mariana Islands' gaming license framework following IPI's operational failure and asset liquidation, particularly concerning future operator vetting and financial solvency requirements?"}],"footnotes":""},"categories":[16336,157],"tags":[21613,24134],"class_list":["post-777006993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-commonwealth-casino-commission","tag-imperial-pacific-international"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006993","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=777006993"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006993\/revisions"}],"predecessor-version":[{"id":777007009,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006993\/revisions\/777007009"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13222"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777006993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777006993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777006993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}