Howyo Chi, Executive Director of Imperial Pacific International (IPI), delivered a letter to the Office of the Governor on Friday, requesting Governor Arnold I. Palacios to schedule a meeting to discuss the ongoing dispute over the unpaid exclusive casino license fee.
According to the Marianas Variety, Chi referenced Article 30 (c) of the casino license agreement in the letter, which permits IPI and the CNMI government to hold a meeting within ten working days after a formal dispute has been presented. This meeting aims to provide both parties with a platform to seek resolution in good faith.
On August 13th, 2024, Chi personally submitted a copy of IPI’s presentation regarding the dispute. The governor’s response, dated August 20th, indicated that government representatives were prepared to meet with IPI to discuss the outlined issues. However, no meeting has been scheduled or confirmed to date.
In line with the cooperative spirit emphasized in Article 30 of the casino license agreement, Chi expressed that IPI respectfully requests confirmation of a date and time for this meeting as soon as possible. He stated that the goal is to engage in constructive dialogue with the Commonwealth to clarify IPI’s position on its financial obligations under the casino license agreement during the suspension period.
Chi highlighted appreciation for the attention to this matter and a desire to work collaboratively toward a resolution, inviting the governor to suggest available dates for the meeting.
IPI filed for Chapter 11 bankruptcy in the District Court for the NMI on April 19th this year, reporting debts exceeding $165.8 million. The company operated a casino on Saipan for four years until the COVID-19 pandemic necessitated its closure in March 2020. Chapter 11 bankruptcy enables a corporation to restructure its debts while continuing operations.
