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Imperial Pacific agrees with $24M settlement in 2024

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Commonwealth Casino Commission (CCC) executive director Andrew Yeom revealed under the draft stipulation agreement, Imperial Pacific International (IPI) will pay a total of $24 million in 2024.

According to the Saipan Tribune, although the CCC has postponed the final deadline to reach a settlement agreement with IPI to April 22nd, Yeom confirmed that IPI shall pay $3.1 million for the 2020 regulatory fee by the aforementioned deadline.

In addition to covering the 2020 regulatory fee, IPI has committed to paying a discounted total of $6.8 million for outstanding regulatory fees from 2021, 2022, and 2023, as well as a discounted penalty of $2 million, resulting in a combined arrears payment of $8.8 million as outlined in a structured payment arrangement.

Apart from the agreed-upon arrears, IPI will pay $1.1 million on October 1st, 2024, for the 2024 regulatory fee, which becomes due in October 2024. However, under the condition that the law remains unchanged, the remaining $2 million balance will be deferred until August 30th, 2039.

Yeom confirmed that IPI has agreed not to contest the CNMI Legislature or the government in their efforts to amend the gaming statute to permit multiple casino licenses.

IPI would promptly withdraw the ongoing lawsuits against the CCC and Governor Arnold I. Palacios with prejudice. Yeom also mentioned that IPI would surrender its license without contesting the current situation if there were any breaches of the settlement agreement terms.

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