The manager and director of Imperial Pacific International (IPI), Dongting Zheng, has resigned from the Saipan gaming license holding company.
According to the Saipan Tribune, How-Yo Chi has been appointed as the new manager/director of IPI.
On October 13 IPI announced that it was facing two winding-up petitions in Hong Kong, on the basis of the alleged failure by the company to settle the judgment amount of HK$20.8 million ($2.7 million), together with interest and cost.
Trading in the shares of the CNMI on the Stock Exchange has been suspended with effect from April 1st, 2022 and will remain suspended until further notice.
IPI has faced several payment and debt orders in the last years, with the Commonwealth Casino Commission (CMNI) having also asked a court to consider IPI incompliant pursuant to a previous commission order, and requiring the casino operator to pay over $25 million.
Imperial Pacific is even said to have written off more debt in the past three years – at $1billion – than the whole of the Las Vegas Strip in the past decade.