Imperial close to Saipan licence settlement

Imperial Pacific International is reportedly close to a settlement with the Commonwealth Casino Commission in a dispute over the suspension of its Saipan licence.

Judge Ramona Manglona of the US District Court for the Northern Mariana Islands said she has granted a further temporary restraining order against a planned meeting to revoke IPI’s licence as the parties involved said they had “made significant progress towards settlement and require additional time to finalise the terms of the agreement in principle.”

The TRO was extended for the fourth time for another 30 days to July 8. IPI’s monopoly licence to operate on Saipan has been suspended since May and the regulator wanted to hold a meeting to revoke the permit altogether following continued non-payment of fees.

IPI failed to pay the $15.5m casino licence fee, a $3.1m regulatory fee and a $6.6m fine to lift the suspension. It was given six months to settle its accounts. IPI has claimed that it will soon receive financing of $150m that will allow it to pay its dues and settle other outstanding claims.

Source: Asia Gaming Brief