The Senate Committee on Gaming chair, Corina Magofna, listens during a meeting with Commonwealth Casino Commission officials in the Senate chamber on Wednesday.
Photo by Emmanuel T. Erediano
TEAM King Investment (CNMI), LLC wants to take over the public land lease contract between the Department of Public Lands and Imperial Pacific International, according to Commonwealth Casino Commission Chairman Edward C. Deleon Guerrero.
Team King was the successful bidder in the IPI casino assets auction held on Feb. 26, 2025.
During the Senate Committee on Gaming’s meeting at 10 a.m. on Wednesday, Deleon Guerrero said Team King is now assuming certain liabilities following the sale of casino assets, including the unfinished hotel-casino building in Garapan.
It is also “trying to have the leasehold transferred from IPI to Team King,” he added.
Chaired by Sen. Corina Magofna, the Senate Gaming Committee convened to discuss Gov. Arnold I. Palacios’ Executive Order 2025-2, which abolishes the CCC.
Joining Deleon Guerrero in the Senate chamber was Casino Commissioner Mario Taitano.
The CCC is urging lawmakers to reject the governor’s E.O.
Also present at the meeting were Senate President Dennis James Mendiola, Senate Vice President Karl King-Nabors, Senate Floor Leader Donald Manglona, and Sen. Ronnie Calvo.
Deleon Guerrero provided the committee with a recap of developments in the casino industry that ultimately led to IPI’s bankruptcy filing.
He disclosed that the owners of Team King are the same individuals behind Japan Kyosei Group — the group that had previously committed to lend IPI $500 million. He said he learned this when, as CCC executive director, he demanded that IPI provide proof of financial suitability.
Deleon Guerrero also noted that a report indicated that IPI had already spent $150 million on the hotel-casino project in Garapan, which would imply that $350 million should remain available to complete the construction.
However, the CCC chairman said, “there’s some disagreement between DPL and Team King on the transfer of leasehold, and that is what’s holding up the consummation of the $12.9 million sale.”
He added that once the $12.9 million is paid, issues concerning insurance would no longer be a problem, as Team King would assume responsibility for insurance costs.
In a letter he sent last week to Senate President Mendiola and Speaker Edmund S. Villagomez, Deleon Guerrero said that with Team King identified as the winning bidder in the bankruptcy proceeding, the CCC “is poised to resume its regulatory work. This work is essential in ensuring any new casino operator meets the suitability and compliance requirements necessary to restart operations.”
