Despite Financial Struggles, Imperial Pacific International Remains Committed to Saipan Casino Endeavor
The main shareholder of Imperial Pacific International (IPI) insists that the business should retain its single casino license in Saipan. Despite Cui Lijie, labeled incompetent by her own lawyer as the company's leader, holding out hope that IPI can obtain the necessary funds to restore the stranded Imperial Palace project, the corporation is seeking a savior.
During a recent discussion with local media outlet Marianas Variety, Cui attempted to exude confidence regarding IPI's future. Despite bankrupting the Commonwealth Casino Commission (CCC) and being in the red for more than $100 million, the company is determined to find an investor to bail it out.
The beleaguered Cui, a former IPI board chair, dismissed the company's inability to effectively manage its affairs. With ongoing legal suits and mounting debts, the casino operator's mishaps are blamed on factors beyond its control, according to her.
The CCC disclosed that IPI owes the commission over $50 million in unpaid licensing fees.
Apart from financial woes, IPI has also been under fire for accusations of money laundering, human trafficking, slave labor, and fiduciary infidelity.
Effects of COVID-19
The pandemic forced the closure of the casino, thereby depriving the company of an income stream. Although this is a reasonable justification for its predicament, its issues are not limited to the current global situation.
The lack of experience and appropriate skillsets among previous CEOs who came and went over the years has contributed to the organization's struggles. One of them was a former security and surveillance manager tapped by IPI following the loss of a CEO.
In the news conference, Cui attributed the company's issues to "misguided" choices made by past IPI executives, resulting in a tarnished reputation that has deterred investors. When COVID-19 struck, the problems were compounded further.
IPI's promise of new investments surfaced a year ago, once the pandemic should have slowed down. On several occasions, a deal seemed imminent but never materialized. Now, as per Cui, the investor is officially out of the picture.
For the past two years, IPI has guiltlessly asserted being on the verge of acquiring a massive inflow of cash. However, the company has consistently failed to close the deal.
New Start?
Cui now wants to convince CNMI government officials to rejoin discussions with the company. Her objective is to push the reset button and start from scratch, in the hope of having all of IPI's government debts and lawsuits wiped out in the process.
The standoff between IPI and the CCC, involving court-ordered arbitration, does not have a timeline for a meeting to determine the next steps. During this period, IPI will continue to dangle prospects of retaining its monopoly situation.
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