Saipan Casino from Imperial Pacific International Faces More Competition
Although Imperial Pacific International (IPI) has repaid a portion of the high debt in the Commonwealth of the Northern Mariana Islands (CNMI), there's still more pending. IPI has yet to settle a lawsuit it lost against a previous manager, threatening to lose the grand crystal dragons that grace the lobby of its Imperial Palace integrated resort (IR) in Saipan.
Joshua Gray, a former IPI executive, succeeded in winning a $5.6 million discrimination lawsuit against the firm several months ago. IPI didn't respond to the judgment, either accepting or challenging it.
This silence on IPI's part prompted Gray to submit a writ of execution to retrieve the awarded damages. As reported by news outlet Marianas Variety, CNMI's Chief Judge Ramona V. Manglona has now responded to the request, potentially resulting in the removal of the dragons and other possessions of Imperial Palace.
Casino Cannibalization Continues
Back in June, Judge Manglona sanctioned the U.S. Marshals Service to seize Imperial Palace's assets, including vehicles, heavy machinery, and more. This was due to IPI's inability to satisfy a lawsuit brought against it by the primary IR contractor, USA Fanter.
Judge Manglona has ordered the Marshals to take more cars, liquor, furniture, hardware, and the legendary crystal dragons. Although IPI possesses the legal right to oppose the forfeiture, if it fails to show how it can settle the claim or file an appeal, the asset seizure will proceed.
The total amount recoverable from the assets is unclear. Aaron Halegua, Gray's attorney and an attorney who has led multiple cases against IPI, noted that the forfeiture will end when the claim is settled. However, until Gray's debt is settled, the confiscation will carry on.
Anything except for items IPI specifically requests for exemption might be taken. The court would have to approve a request to exclude those items.
Kan's Mission Unpaid
When IPI aimed to take over Saipan, they made a deal with Kan Pacific Saipan. Kan would close its operations, including the Marianas Resort and Spa, for $5 million.
IPI agreed to pay Kan $200,000 annually for 25 years, and all started well. Nonetheless, in practising its habitual approach, IPI has missed the required payments.
Even the closing of Imperial Palace’s operations couldn't prevent these missed payments. Despite this, Kan has been unable to obtain their money, as IPI failed to cover its payments in 2020, 2021, and 2022.
Another missed payment in 2023 added to the defaults, with at least $600,000 now unpaid. This is in addition to the millions of dollars IPI owes to CNMI and the Commonwealth Casino Commission. It also exceeds the substantial debt and legal payments IPI incurs from other lawsuits. Despite vows to reopen Imperial Palace, it appears to be just wishful thinking without resources and assets.
For now, the company still holds the exclusive right to conduct casino gaming. The CNMI and the courts are currently addressing this, with a decision expected before the end of the year.
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Source: www.casino.org
