When the Hong Kong based Imperial Pacific Holdings made a decision to spend into Saipan and develop a dollar that is multi-million resort, it was expected to be a game changer for Saipan which is part of the Commonwealth of the Northern Mariana Islands (CNMI).
However, it’s turned out to be quite a nightmare for the CNMI government as Imperial Pacific (CNMI) LLC which is the company that is registered the CNMI was struggling to keep its claims about the development and operating of this casino resort.
The short-term Saipan casino at first had a start that is good it was attracting VIP clientele from around the world and was bringing in revenues.
However, Imperial Pacific CNMI has been dogged with controversies which include financial problems, bringing in illegal construction workers, money laundering allegations and a fire which delayed the development of the casino.
The Commonwealth Casino Commission (CCC) has been very lenient with the casino operator in the past and has received flak from different groups for playing into the hands of the casino operator. The CCC recently highlighted the fact that Imperial Pacific did not pay the $15.5 casino license fee which was due to 12 August, 2020 based on the Casino License Agreement.
The CCC also pointed out that Imperial Pacific had also not paid its community benefit fund of $40 million in 2018 and 2019. The CCC made a list of five complaints against Imperial Pacific and brought it up in a meeting between CCC board members and Imperial Pacific counsel that is legal
Tiberius Mocanu who’s the counsel that is legal Imperial Pacific and Tao Xing, senior VP for marketing and public affairs attended the meeting. The Imperial Pacific team said that they were aware of the shortcomings and were not going to counter any of the five complaints. They also acknowledged that if the CCC decided to suspend the Saipan Casino license, the decision would be accepted by them.
Imperial Pacific requests Leniency
While Mocanu and Xing accepted all the complaints, they did require the CCC become lenient using the casino operator and present them additional time to together get their act and their finances in order. They want the CCC to not impose heavy fines it even harder for Imperial Pacific to bounce back and continue to the casino project.