IPI’s licence placed on indefinite suspension

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IPI’s licence placed on indefinite suspension

The Commonwealth Casino Commission (CCC) board has placed Imperial Pacific International’s (IPI) gaming licence on indefinite suspension. IPI is required to pay $6.6m within six months, with $15.5m in annual casino exclusive licence fees and $3.1m in annual casino regulatory fees, reports the Saipan Tribune.

IPI counsel Tiberius Mocanu said the company will still have to review the order. Prior to the decision, both IPI and CCC executive director Andrew Yeom each submitted their own order to the board, with IPI’s version containing a different payment scheme and a longer suspension period until paid.

However, the final order demands the company pays fees for all five cases against it.

The five complaints against IPI include failing to pay the annual regulatory fee on 1 October 2020 and annual casino licence fee by 12 August, failure to comply with a CCC order to settle amounts owed to vendors, failure to comply with the minimum capital requirements of the order, and lack of $40m contribution to the community benefit fund in 2018 and 2019 as required by the casino licence agreement.

CCC board chair Edward C. DeLeon Guerrero stated IPI must pay $100,000 in the first case, $1.5m in the second, $1.5m in the third, $2m in the fourth, and $1.5m in the fifth case, with the total reaching $6.6m.

“We are suspending the licence indefinitely until IPI complies with those orders,” said Guerrero. “So CCC is penalising IPI $6.6m for all the violations noted in the five enforcement actions, and they must pay this not to exceed six months.” The order will likely take effect on 10 May.

If IPI fails to make the payments, the CCC will likely seek revocation of licences, though the operator does not contest the complaints against it.