A hearing to decide whether to revoke Imperial Pacific International’s (IPI) casino license for Saipan has been pushed back to May 24th.
The company had been expected to appear before the Commonwealth Casino Commission for a revocation hearing on Tuesday.
Hong Kong-listed Imperial Pacific was given the monopoly over casino gambling on the island in 2014. However, its efforts to finalize the construction of its casino have met successive delays and numerous problems leading to mounting lawsuits against the operator.
The company’s gaming assets were put on the auction block last October to settle one outstanding legal claim, but that sale was canceled last minute as the company managed to find $2.45 million in funding.
The casino has been closed since March 2020 and the company has not been able to complete the construction of the accompanying hotel and facilities.
The company’s license was suspended in in April 2021 after it was unable to comply with orders to pay a $6.6 million penalty, along with a $15.5 million annual casino exclusive license fee and $3.1 million annual casino regulatory fee.
In mounting frustration at the company’s inability to move forward with its obligations, the CCC in September last year said it was moving towards revocation of the license.