Imperial Pacific International Believes Management Shifts Will Save the Business
Imperial Pacific International (IPI) is counting on recent developments to help it bounce back in Saipan. IPI Holdings, the parent company of the financially struggling casino operator behind Imperial Palace, believes that the addition of two new executives will play a significant role in steering the company toward stability.
IPI Holdings is welcoming a new board member and a legal expert to its team. These changes come as IPI faces the risk of losing its license in Saipan.
The company has been resisting attempts to force it out and still owes the Commonwealth of Northern Mariana Islands (CNMI) years of unpaid bills. Despite making changes at the executive level while struggling to pay its debts, IPI is about to cause the CNMI more financial strain.
New Joins IPI's Management Ranks
Kon Teck Tien has officially become an executive director for IPI, starting on October 20, according to a Hong Kong Stock Exchange filing. The 35-year-old has a decade of experience in machinery trading and electrical engineering but no experience in the casino industry.
Despite his lack of casino experience, Kon's leadership skills and expertise in implementing processes to improve business performance could be valuable assets for IPI. Prior to joining IPI, Kon held prominent roles in Malaysian organizations.
The company is also bringing in Tsang Yuk Ting, who began her tenure as company Secretary on October 20, 2023. Tsang earned her law degree from the Chinese University of Hong Kong and has been a certified lawyer in Hong Kong since 2015. Her areas of expertise include corporate and commercial affairs, with a focus on corporate finance for listed companies, mergers, and acquisitions.
Tsang's experience with licensing and compliance matters involving the Securities and Futures Commission of Hong Kong will also benefit IPI, which is immersed in the CNMI's safety concerns and financial challenges.
The Imperial Palace: A Forgotten Casino
The Imperial Palace casino in Saipan lies abandoned, with goals unfulfilled and the structure increasingly deteriorating. As it remains closed, the building's condition worsens daily.
Earlier this year, the CNMI started cleaning up the property to prepare for the upcoming typhoon season. This led to the removal of a massive construction crane that has sat idle on the building's roof for three years. IPI had promised to address the issue but failed to do so.
Due to IPI's inaction, the CNMI now faces the expense of removing the crane. The potential for collapse has raised safety concerns, prompting local authorities to step in. They're considering placing a lien on the Imperial Palace land to protect their interests and potentially seek restitution for the cost of the crane removal.
Although it's unclear when the CNMI will initiate the crane removal process, it's possible it could begin this week. The CNMI is aware of the high cost and potential risks associated with the endeavor but feels it's necessary to address the situation.
Read also:
- BVB trails 1-0 against Paris, with Füllkrug leading them towards the final.
- Munich Drama: Late Real Penalty Leaves Bayern Shocked
- Lars is capable of leading BVB, according to many.
- Subsequent torrential rainfall leads to 48 fatalities due to partial highway collapse in China.
Source: www.casino.org
