Casino chips, roulette wheels among items to be sold in 3rd IPI auction
Editor’s Note: Used with permission. To see original posting, see link at the end of article.
The third in a series of auctions selling off casino equipment previously owned by Saipan’s Imperial Pacific International (CNMI) LLC will take place this Friday, with casino chips and roulette wheels among the items available.
The auction, to take place as a closed bid, will include almost the entire chip inventory of the casino at Imperial Palace-Saipan, bringing into question the company’s claims that it could restart casino operations within a month should the Commonwealth Casino Commission lift its license suspension.
IPI, which owes around US$24 million to creditors and more than US$100 million to the CCC in unpaid fees, has tried to stop the auctions, arguing that it would be unable to reopen its casino—shuttered since March 2020—in quick time if its gaming equipment was sold.
However, their efforts have so far been in vain with two auctions already successfully held and a fourth planned for March 10.
Tim Shepherd, senior partner at receiver Clear Management Ltd., said he was pleased with the progress of the auctions so far, despite facing some unexpected challenges.
“A globally known Indian casino group with operations principally in Goa engaged us, bid, won quite a few Lots and then at that time ceased all communication,” Shepherd told IAG.
“I’ve never experienced a lack of professionalism like it and their bids won’t be welcome moving forward. It’s a tough enough process without time wasters.
“But aside from that group, all winning bidders from across the world have paid deposits quickly and we have been able to send out equipment within the last few weeks to them without a hitch. So it is all going really smoothly and shows our marketing is working.
“Bidders can be comfortable knowing that what they bid for and win, they will get 100%. I send a big thanks to the CCC for facilitating that. They have been great to work with under what for them must be impossible circumstances.”
Shepherd said this week’s auction will also feature roulette wheels and more slot machines, including 12 of the popular Scientific Games (now Light & Wonder) link Duo Du Duo Cai.
The fourth auction in March will focus primarily on IPI’s remaining slot machine inventory.
“We are now working through 300-plus slot machines and there’s work to be done to clean and make them good so we get the best possible price for the equipment, which comes from Aristocrat, Light & Wonder, Konami and Aruze amongst others,” Shepherd said.
“The Bally system sits across all electronic gaming and will be removed for parts and sold separately.”
This was originally posted in the Inside Asian Gaming website: https://www.asgam.com/index.php/2023/01/02/casino-chips-roulette-wheels-among-items-to-feature-in-third-ipi-auction/