If IPI fails to pay CCC by August, October, its debt will balloon to $55.9M
If Imperial Pacific International (CNMI) LLC fails to pay its annual casino license fee and annual casino regulatory fee by this August and October, respectively, its total debt to the CNMI government will balloon to $55.9 million.
According to the latest CCC board meeting minutes, CCC chair Edward C. DeLeon Guerrero stated during their March 30, 2022, meeting that by law, Saipan casino exclusive licensee IPI is obligated by law to pay the annual casino license fee of $15,502,570 by Aug. 12 every year.
DeLeon Guerrero said IPI has yet to pay the August 2020 and August 2021 casino license fee.
The chairman also noted that the $3,150,000 annual casino regulatory fee, which is due Oct. 1 every year, is also delinquent and remains unpaid for 2020 and 2021. DeLeon Guerrero said between the two fees, IPI owes a total of 37.3 million.
CCC’s funding source of operations is the $3.1 million annual casino regulatory fee.
If IPI also fails to pay the $15.5 million casino license fee this August and the $3.1 million casino regulatory fee this October, its debt with CCC will reach $55.9 million.
Last Tuesday, U.S. District Court for the NMI Chief Judge Ramona V. Manglona extended for another 30 days the temporary restraining order that she issued against CCC that prohibits the CCC from moving forward with the revocation hearing of IPI’s casino license. The judge said the parties in the case informed her that they are making significant progress toward a settlement agreement.
DeLeon Guerrero noted that since the start of the casino industry, CCC has made every effort to assist IPI in understanding the rules, regulations, and laws.
The chairman, however, stated he still believes that the casino industry has a role in revitalizing the local economy and that he hopes that IPI would get its affairs in order as soon as possible.