6/18/2022 0 Comments Imperial Pacific International and the Saipan casino regulator have reached a settlement agreement.The Commonwealth of the Northern Mariana Islands (CNMI) and Imperial Pacific International (IPI) are apparently working on a deal. IPI could keep the Imperial Palace casino in Saipan if both parties agree. According to local media sources, "the parties are in the process of finalizing these terms through a settlement agreement and will provide notice to the court upon the entering of this agreement," a joint notice was filed with the US District Court for the NMI late last week. IPI announced at the end of May that it expected to obtain $150 million in funding. That money would be used to pay off the CNMI government's and creditors' debts, as well as reopen the casino. Furthermore, it would offer the necessary cash to restart the Imperial Palace's growth. IPI's casino license was suspended by the CCC in May of last year after it failed to meet certain terms of its license agreement. The yearly $15.5 million licensing fee was due in August 2020, while the annual $3.1 million regulatory charge was due in October 2020. Despite strong evidence to the contrary, IPI blames its demise on "force majeure." Long before COVID-19, the corporation had been accused of mismanagement and possible fraud in connection with Imperial Palace. Imperial Pacific International is said to have worked out a payment plan with the Commonwealth of the Northern Mariana Islands. This would allow it to keep its only casino license on Saipan as well as its control over the Imperial Palace. It claims to have developed a mechanism to pay off its obligations while also generating recurring revenue. Imperial Palace was discontinued in September 2020 and is still shut today. The closure, which came as a result of the global pandemic, was, however, only a 바카라사이트 minor factor in IPI's demise. Its problems began three years ago and have never gone away. IPI is sure that its new sources of funding will be sufficient to cover its remaining debts, allowing it to complete the Imperial Palace development.
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