IPI gets extension for its Saipan casino project
The company has received an extension to the completion date of its integrated resort until February 28, 2021.
Northern Mariana Islands.- The Saipan Casino Control Commission has agreed with Imperial Pacific International (IPI) to extend its integrated resort (IR) completion deadline until February 28, 2021. Both parties have made a deal on a written amendment to the Casino Licence Agreement that postpones the original completion date under certain conditions.
The IR was expected to be completed by August 31, 2018, but IPI said it would miss the deadline due to “the drastic reduction and non-availability of sufficient skilled and qualified construction labourers locally in Saipan and mainland USA.”
However, under the new amendment, the company has been awarded more time to complete the development and to complete the issuance of a Certificate of Occupancy Permit by the CNMI Department of Public Works.
IPI has 15 days to submit to the Lottery Commission a Construction Milestone Schedule, which includes a list of pending tasks and projected completion dates, with detailed quarterly reports on progress and a biannual audit certified by its external auditor. Furthermore, it will be charged with a daily €4.3k fine should the project get further delayed, and it will make a €430k donation to the Commonwealth Healthcare Corporation for the purchase of medical equipment.
