Thursday, June 30, 2022

IPI in trouble for partial license payment


Imperial Pacific International is in hot water with the Saipan government for only paying a third of its $15 million annual license renewal fee, which was due on August 12, 2019. 

Gov. Ralph DLG Torres told the Saipan Tribune over the weekend that he received information from the Commonwealth Casino Commission that IPI had only paid $5 million so far. 

With the casino company now “delinquent in their payments,” Torres noted that his administration is right now in the process of determining a legal and proper response.

On Monday, Executive director of Commonwealth Casino Commission Edward Deleon Guerrero filed a complaint against IPI for failing to pay its tax obligations. 

Guerrero told local reporters that IPI now has 15 days to pay its tax obligations in full, and an additional $502,570 adjusted for inflation.

“We have issued a complaint today that is going to the commission. That is the way we’re going to enforce this. Now IPI has 15 calendar days to cure the deficiency,” he said. 

In his complaint, Guerrero said that he may also impose a fine of $50,000 on IPI for violating the license terms. 

According to the casino license agreement, delayed or partial, or non-payment of the annual license fee constitutes a breach in the Casino License Agreement.

A breach in the CLA could result in license suspension or revocation. 

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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