No Shortage of Saipan Casino Interest If Imperial Pacific Given the Boot

The fate of Imperial Pacific International (IPI) and its continued presence in Saipan hangs in the balance. If the Commonwealth of Northern Mariana Islands (CNMI) is concerned about the possibility of not finding someone to take the embattled casino operator’s place, those concerns can now be put to rest. Should casino regulators part ways with IPI and its Imperial Palace casino, there are plenty of interested parties lined up to immediately fill the void.

IPI Facing Possible Exit from Saipan

IPI has had a troubled history with Saipan and the CNMI since it first began working on the Imperial Palace casino resort. Things have never gotten any better and, as a federal judge orders asset forfeitures to cover mounting debts, the casino operator could be on its way out. The Commonwealth Casino Commission (CCC) decided to feel out the casino industry to see if there was any interest from others to step in, and it has found that finding a replacement wouldn’t be an issue.

The CCC can’t be concerned that losing IPI would mean a loss of revenue, as the operator hasn’t paid its license fees and other obligations in years. Still, CCC Executive Director Andrew Yeom told the House Gaming Committee yesterday that other operators have shown interest in coming to Saipan if IPI has its license revoked. When asked if the interest could be considered legitimate, Yeom replied affirmatively, but added that he cannot provide specifics due to the sensitive nature of the ongoing discussions. He asserted, “I can comfortably tell you that there are bidders out there, whether legit or not. Yes, there are some legit ones. And I’ll stop at that.”

Imperial Palace Needs Polishing, or TNT

Imperial Palace is, now, a diamond in the rough. IPI promised CNMI legislators and gaming commissioners the moon in exchange for the rights to offer an expanded gaming property, but it has not been able to fulfill any of its goals. A continued lack of fund and ongoing lawsuits are exacerbating the situation, compounded by the casino’s closure since last year because of COVID-19, and it doesn’t appear that any relief is on the horizon. As a result, and after repeatedly showing that it cannot comply with rules and regulations, IPI is at risk of permanently losing its casino license, which has already been suspended.

Should IPI be shown the door, one alternative would be for the CNMI to do nothing. Yeom said during the hearing that the Legislature will have to decide what route to take, adding, “Whether you want to just kill the industry altogether, that’s up to you.” However, the smart thing to do would be to seize all of IPI’s assets in order to settle its debt, and then issue a new license to a more competent entity that knows how to run a multimillion-dollar casino resort.

Representative Vicente Camacho isn’t so sure that this would be the best option. He’s not convinced that a new operator would want to take on a massive task like Imperial Palace and has his own idea of what should happen to the property. He commented in the hearing, “There’s just no solution for that building. …I don’t know if anybody wants to buy that building, it would be too expensive to fix it up. I think we should just kill it, and then we dynamite it” and turn it into a memorial for ancient burials.