Team King Investment (CNMI) LLC successfully completed the acquisition of Imperial Pacific International (IPI) casino assets with a $12.95 million bid.
According to The Northern Marianas Variety, the full acquisition took place on August 20th, following a court-approved auction in which Team King won the bid on February 26th, 2025.
Judge Robert J. Faris discharged an earlier order related to IPI’s Chapter 11 bankruptcy petition, as the sale was finalized before the August 21st deadline.
IPI had operated a casino in Saipan for four years before closing in March 2020 due to the COVID-19 pandemic and subsequently filed for bankruptcy in April 2024, reporting liabilities exceeding $165.8 million.
The sale faced delays primarily due to disputes regarding IPI’s ground lease with the Department of Public Lands. During a recent court hearing, it was confirmed that the escrow was fully funded, and the transaction was closed. The committee of creditors is now working with IPI to distribute funds to claimants.
Additionally, IPI’s storage issues with Saipan Stevedoring Company were addressed, with Team King agreeing to assume responsibility for any storage fees incurred post-closing and planning to remove containers from the facility soon. A hearing regarding the storage fees is scheduled for October 2nd, 2025.
Team King Investment stated before that if it successfully finalized the acquisition of the Imperial Pacific Resort and decided to complete the ongoing construction, an additional $150 million would be needed to finish the casino resort.
