Tuesday, June 18, 2024
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Imperial Pacific needs $150M to complete Garapan IR

Imperial Pacific International (CNMI) LLC’s director/general manager Howyo Chi recently revealed that completing the casino/resort building in Garapan will require an estimated $150 million investment from IPI.

According to the Saipan Tribune, during a monthly meeting of the Commonwealth Casino Commission board, when asked about the availability of manpower to finish construction, Chi admitted uncertainty on this matter.

However, he mentioned that some Korean and Japanese construction companies have expressed interest in collaborating with IPI on the project.

Regarding inquiries about IPI’s ability to hire foreign workers, Chi stated that there is currently a four- to five-year ban on such hires, effective from 2020. He indicated that once settlements with the US Department of Labor are reached and certain deposits are made, they expect to be permitted to employ foreign workers to complete the construction.

Chi also mentioned plans to appoint a Chief Executive Officer before the facility becomes operational. With the filing of a Chapter 11 bankruptcy petition, he believes that the receivership process has been automatically halted.

Facing mounting financial pressure and multiple civil lawsuits totaling over $150 million, Imperial Pacific has filed for Chapter 11 bankruptcy protection, halting negotiations with the CCC.

IPI has also been ordered by Hong Kong’s High Court to wind up the parent company of the Saipan casino.

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