US$5m annually for four years to the CNMI government<\/strong> as a casino licence fee and and US$1m per year for four years to the Commonwealth Casino Commission (CCC) as a regulatory fee.<\/p>\n\n\n\nChi is proposing to make a seven-figure payment to the CNMI and CCC within a week. IPI wants a transition period of two to four years to resolve all outstanding obligations. Once the obligations are settled, it would make a partial payment to CNMI and CCC and then focus on reinstating its licence. It said it was willing resolve to start payments so CCC could rehire staff and IPI could resume operations and work out a payment plan.<\/p>\n\n\n\n
A week ago, the CCC determined that\u00a0the casino operator must pay US$62m in casino licence fees\u00a0to the CNMI government within 30 days.\u00a0<\/p>\n\n\n\n
It’s emerged that the CCC had proposed a settlement to IPI, which involved payment of US$36m and the loss of casino exclusivity.\u00a0However, IPI argued that this does not reduce any liabilities.<\/p>\n\n\n\n
According to the CCC, IPI owes the CNMI government US$15.5m a year for its exclusive casino licence fees for the years 2020, 2021, 2022, and 2023. IPI says it should not be obliged to pay the licence fees for the years 2021, 2022, and 2023, as the licence was suspended and IPI was unable to use it or derive any benefits from it.<\/p>\n","protected":false},"excerpt":{"rendered":"
IPI is proposing to pay US$5m a year to the government and US$1m to the Commonwealth Casino Commission.<\/p>\n","protected":false},"author":176,"featured_media":777009863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Imperial Pacific International (IPI) has submitted a proposal to the Commonwealth Casino Commission (CCC) and the CNMI government to reinstate its suspended casino license. The plan includes annual payments of US$5m to the government and US$1m to the CCC for four years, alongside a request for a 2-4 year transition period to resolve outstanding obligations. This comes amidst a dispute over US$62m in casino license fees owed, with IPI contesting payments for years its license was suspended.","focusai_entities":"Imperial Pacific International (IPI), Commonwealth Casino Commission (CCC), CNMI government, How-Yo Chi","focusai_location":"Northern Mariana Islands","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.9), operator_casino (0.8), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IPI's Financial Viability?","query":"Given the substantial outstanding obligations and proposed payment plan, what is the Commonwealth Casino Commission's assessment of Imperial Pacific International's long-term financial viability and capacity to sustain operations post-reinstatement?"},{"label":"Precedent for License Fees?","query":"What precedent does IPI's argument regarding non-payment of license fees during suspension set for other operators facing similar regulatory actions in the CNMI or other jurisdictions?"}],"footnotes":""},"categories":[16336,439],"tags":[21613,24134],"class_list":["post-777010690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-legal-news","tag-commonwealth-casino-commission","tag-imperial-pacific-international"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010690","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=777010690"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010690\/revisions"}],"predecessor-version":[{"id":777041059,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010690\/revisions\/777041059"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777009863"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777010690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}