June 17, 2021 · Asia-Pacific Gaming Legal

Imperial Pacific Blames COVID-19 for Failures, Seeks Return of Casino License

Imperial Pacific International (IPI) is seeking assist from the Saipan Superior Margaret Court inwards having its gambling casino privileges restored. The company’s gaming permission for its Imperial Palace Casino on the US Pacific Ocean island was suspended indefinitely in April.

In Saipan Superior Court, IPI has filed an administrative call for for a judicial survey regarding it existence forced to hold gaming operations at its $3.9 billion structured resort.

The Imperial Palace Casino suspended gaming trading operations inwards March of 2020 because of the COVID-19 pandemic. The gambling casino has not been allowed to reopen because of the Northern Mariana Islands’ Commonwealth Casino Commission (CCC) revoking Imperial Palace’s cassino Trachinotus falcatus before this year.

In its rescinding of the gambling casino allow inwards April, the CCC said Imperial Pacific Ocean failed to pay its 2021 $15.5 1000000 licensing fee and $3.1 billion yearly regulatory fee. The gaming regulator additionally revealed that IPI failed to make up just on its $20 jillion required contribution to the island’s Community Benefit Fund in both 2018 and 2019.

“We are suspending the permission indefinitely until IPI complies,” declared CCC Chairman Edward I DeLeon Guerrero.

Pandemic Problems

In judicature filings, Imperial Pacific says COVID-19 is responsible for(p) for its financial shortcomings, and that the world(a) pandemic should characterize as a instinctive disaster.

Pursuant to the drive majeure clause below the Casino License Agreement, the Licensee is non required to compensate the Annual License Fee inwards the event of rude(a) disasters,” IPI attorneys argued. “However, the Commonwealth Casino Commission raised disputes and alleged that the pandemic does not comprise a instinctive disaster or forcefulness majeure.

“As a result, the Licensee has filed a reexamine with Superior Margaret Court inward Saipan to mold whether the pandemic constitutes a rude(a) disaster or force majeure. If it is determined that the pandemic constitutes a instinctive disaster or thrust majeure, the Licensee testament not live required to pay off the Annual License Fee,” the juridical limited review plea contends.

Trading Suspended

Imperial Pacific Ocean International is in public traded on the Hong Kong Stock Exchange. But its trading was suspended in Mar after shares essentially became worthless. Each IPI share at the clip was trading at HK$0.01 (US$0.0013).

IPI reported a HK$2.85 1000000000000 (US$370 million) red ink for 2020. Revenue totaled just $3.4 million. But that didn’t kerb enthusiasm from the company’s leadership.

“Despite the stream wallop from the COVID-19, we believe visitation to the Island of Saipan ease has great potency inward the long consort benefiting from the island’s favorable weather, stunning attractions, location, and flexile visa policies, with more hotels to live built and opened,” an IPI statement inwards Apr announced.

But earlier this month, Cui Lijie, executive theatre director and chairwoman of the IPI room of directors, resigned. IPI’s largest shareholder, Cui became a billionaire by founding a VIP junket byplay inwards Macau in 2009.

Cui remains the largest IPI shareholder. She controls a nearly 61 percent bet inward IPI through her investiture unwavering Inventive Star Ltd. She’s been accused inwards lawsuits from workers as having a “pattern of thwarter and unruly behavior.”

Last month, a justice inwards the US District Margaret Court for the Northern Mariana Islands ruled that IPI must pay heptad former workers $5.43 1000000 for injuries they incurred during the twist of the resort.

  • LinkedIn
  • Tumblr
  • Reddit
  • Google+
  • Pinterest
  • Pocket