IPI shops around for casino investor
Imperial Pacific International (CNMI) LLC adviser Tao Xing disclosed yesterday that IPI is right now looking for new investors to infuse the funds needed to get the casino reopened—hopefully by the first half of 2023.
Speaking at the Commonwealth Casino Commission board’s regular monthly meeting, Xing said that they have been taking a number of investors around the island pretty much every month.
Xing talked about IPI’s potential investors in response to CCC chair Edward C. Deleon Guerrero’s question as to when IPI will appoint a chief executive officer.
Xing said they are hoping that one of those potential investors will come up with different plans and terms and come to terms with IPI so they can reopen the casino soon.
“However, it totally depends on the intention of the investor, like how much resources they have to reopen the casino and pay off all the obligations,” he said.
In terms of the search for a CEO, Xing said whoever is going to invest and infuse major funds into the project will have to decide on that.
“So we have to identify the investor first and then the CEO will be appointed right after that,” Xing said, adding that that will be the sequence of events, because they will have to identify the investor first.
“They may bring in an experienced industry player or they will have a say into this. So hopefully we can identify that investor first,” he said.
Deleon Guerrero said a CEO should be appointed first and the reopening of the casino may be secondary as there should be a leadership on how IPI will go about satisfying a lot of the obligation, including those matters that are pending.
Xing said he is optimistic that IPI can reopen the casino by the first half of next year, prompting Deleon Guerrero to ask how IPI would proceed with reopening, given many of its equipment are already no longer there.
Xing said if they have to reopen and with the proper financial resources, they will get new equipment.
Deleon Guerrero said buying new equipment does not happen in a month as there’s a lot of licensing requirements, audit procedure, and other things.
Xing said he understands that, but that hopefully the ideal investor would be somebody bringing in a very experienced team that has done this several times before.