Pacific Islands

A CNMI defense lawyer says one Saipan e-gaming firm that has filed a lawsuit against the government has provided conflicting financial information to the court.

The Hong Kong Stock Exchange has approved Imperial Pacific International's share consolidation, which took effect on Thursday.

The Commonwealth Casino Commission has reportedly asked approval for an appropriation of $1 million “to keep the commission afloat”, according to a report from Marianas Variety. 

CNMI Governor Ralph DLG Torres says he is willing to form a working group aimed at coming up with a more reasonable annual license fee hike for e-gaming machines. 

CNMI governor Ralph DLG Torres has put his support behind allowing online gaming on the island, as long as the GGR projections made by the gaming regulator holds true.

Saipan’s casino regulator says it wants to hear from potential online gaming investors as it seeks to recoup lost revenue from its failed casino venture, however, industry insiders say they don’t see the island as a viable market.

Andrew Yeom, the executive director of the Commonwealth Casino Commission said the CNMI could generate as much as $449.4 million from online gaming by 2025.

Imperial Pacific posted a narrower 1H21 loss and said it believes the business is a going concern despite legal actions and the suspension of its license.

Embattled Imperial Pacific is planning a share consolidation, merging every 20 of the current shares, each worth HKD0.0005 into one consolidated share worth HKD0.01.

A slot parlor operator in Saipan have filed a lawsuit against the Department of Finance in an attempt to prevent the collection of a new imposed local license fee hike.