Loi Lam Sit <\/strong>for US$10m. Loi Lam Sit is a resident of Hong Kong who manages Top Pride International, a wholesale distributor of cosmetic products.<\/p>\n\n\n\nDeleon Guerrero said the CCC wants to go ahead with the revocation proceedings and added that once a new member joins the CCC board, the regulator will have a quorum. IPI owes the CNMI over US$62m in licence fees and more than US$17.6m in regulatory fees for the years 2020 through 2023.<\/p>\n\n\n\n
Chief judge Ramona V. Manglona<\/strong> of the District Court for the NM has scheduled a status conference on IPI’s motion seeking court approval for the sale of most of its assets for November 20.<\/p>\n","protected":false},"excerpt":{"rendered":"IPI has sought approval to sell its Garapan casino.<\/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":"IPI is seeking federal bankruptcy court approval to sell its unfinished Garapan hotel casino and real estate assets for US$10m to Loi Lam Sit, a Hong Kong resident. This divestment occurs amidst the Commonwealth Casino Commission's (CCC) intent to proceed with license revocation due to IPI's outstanding debt of over US$79.6m in license and regulatory fees to the CNMI. The CCC emphasizes that revocation will proceed if IPI liquidates assets without a valid operational license.","focusai_entities":"IPI, Commonwealth Casino Commission, Edward DeLeon Guerrero, Loi Lam Sit, Top Pride International, Ramona V. Manglona","focusai_location":"Northern Mariana Islands, Garapan, Hong Kong, CNMI","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 Debt Recovery?","query":"What is the projected recovery rate for the CNMI's outstanding US$79.6m in license and regulatory fees given the proposed US$10m asset sale and IPI's bankruptcy status?"},{"label":"Regulatory Precedent?","query":"What precedent does the CCC's aggressive stance on license revocation set for other operators regarding regulatory compliance and financial obligations in the Northern Mariana Islands?"}],"footnotes":""},"categories":[16336,156],"tags":[21613],"class_list":["post-777018475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-regulation-news","tag-commonwealth-casino-commission"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018475","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=777018475"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018475\/revisions"}],"predecessor-version":[{"id":777018490,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018475\/revisions\/777018490"}],"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=777018475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777018475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777018475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}