Saipan’s failed casino resort has found a new owner several months after the initial bid for the property.
The Resort Has Been Defunct for Years
The Imperial Pacific resort in Saipan was formerly owned by Imperial Pacific International (IPI). The company’s $2 billion plans envisioned a lavish casino that would have nurtured the local tourism sector. Additionally, IPI had vowed to pay a $15.5 million licensing fee a year
While the property was never fully finished, some parts of it operated as a casino and a hotel for several years. IPI claimed the casino was very successful despite certain suspicions from critics.
However, IPI was never quite able to recover from the COVID pandemic, which had forced it to temporarily shut Imperial Pacific down. As a result, the property never reopened, leading to the eventual auctioning of its assets.
To make matters worse, the Saipan casino was involved in controversies, with previous reports suggesting that its casino floor was used for money laundering. In any case, IPI’s financial optimism did not match the reality of its debts.
Team King Investment Scoops Up Imperial Pacific
Earlier this year, Team King Investment, a newly formed company, submitted a $12.95 million bid for Imperial Pacific. A separate bid was also filed by Ji Xiaobo, the son of Imperial Pacific’s former owner, Cui Lijie.
In April, Team King’s bid secured official approval. Last week, the property transfer to Team King was finally completed.
While this transaction could breathe new life into the defunct property, some expressed concerns due to the fact that Team King is led by Howyo Chi, a former IPI director. Additionally, Team King has Hiroshi Kaneko, the CEO of the Japan Kyosei Group and a former IPI shareholder, as its primary founder.
Regardless of what Chi and Kyosei have in mind for the property, they are now in control of Imperial Pacific. However, if they wish to run casino gaming, they will have to acquire a license separately.