Imperial Pacific International (IPI) may be facing a fine of $375,000 for late payment of its casino license renewal fee, according to local media reports.
Casino Control Commission Executive Director Edward Deleon Guerrero was cited as saying in the Saipan Tribune that the regulator will impose a fine of $25,000 for each day’s delay in the $15 million renewal fee. IPI was 15 days late with its payment.
On the payment deadline, IPI paid only $5.5 million. The CCC gave IPI until Aug. 27, 2019, and IPI paid the remaining amount on Aug. 27.
IPI has the monopoly license to run a casino on Saipan in the Commonwealth of Mariana Islands, though completion of its resort has faced multiple setbacks and delays.
Reporting a 91.7 percent drop in H1 VIP revenue, CEO Mark Brown said the junket operators IPI had been counting on to bring in the VIPs weren’t interested in coming.
It swung to a loss of HK$1.9 billion ($239.6 million) in the first six months of 2019, down from a profit of HK$79 million in the prior-year period.
Guerrero said that the fine still needs agreement of the full commission.
“I need to bring it to the commission in the September monthly meeting. We need their blessings for the stipulating order,” he said. “The commission needs to review and approve the stipulation but… [the commissioners] have accepted the stipulation and they understand that this is a violation,” he said, referring to the Hong Kong-listed company’s casino license agreement.