Proceeds from sale of IPI equipment now above $1M as 4th auction looms
Editor’s Note: Reprinted with permission.
Proceeds from the sale of gaming equipment and other assets formerly owned by Saipan casino owner Imperial Pacific International have moved above $1 million, with preparations now underway for a fourth auction.
Set to take place on 10 March, the latest auction will focus on remaining electronic gaming machines and other assets, with Tim Shepherd of appointed receiver Clear Management telling Inside Asian Gaming there would likely be two more auctions after this.
“The casino [Imperial Palace-Saipan] is really emptying out, but we still have about 350 slot machines and electronic table games and various sundry assets such as CCTV to sell in the next 3 auctions,” Shepherd said.
IAG understands total proceeds from the first three auctions stands at almost $1.2 million, which will be used to pay judgment creditors.
It hasn’t all been clear sailing for the receiver, though, with Shepherd lamenting a constant battle with thieves stealing copper wire from the casino building.
“IPI pays for a skeleton security staff who must accompany us as we work through the assets, and when they have to run around the casino chasing burglars it means we can’t do our work and we have to leave the casino,” he explained.
Wine connoisseurs may also be disappointed to learn that very little of Imperial Palace • Saipan’s once impressive wine cellar appears to have survived the ravages of casino closure and a subsequent lack of electricity on site.
“IPI spent a fortune on fine wine and champagne,” Shepherd said, “but we recently toured the storage area and it doesn’t look good—nearly all could be spoiled. On the plus side the expensive whiskey may have kept its value.”
Available items for the upcoming auction can be viewed and bid on at gamingequipmentauction.com.
Originally published by Inside Asian Gaming. See original post on https://www.asgam.com/index.php/2023/02/28/proceeds-from-sale-of-imperial-pacific-casino-equipment-now-above-us1-million-as-latest-auction-looms/