COMMONWEALTH Casino Commission Chair Edward C. Deleon Guerrero said Imperial Pacific International should show proof of its “financial suitability” if it wants to retain its exclusive casino license.
On Tuesday, CCC approved Executive Director Andrew Yeom’s request to reschedule the revocation hearing for Feb. 12, 2024.
Yeom informed the commission that settlement discussions with IPI “are seriously going on right now.”
IPI Director How Yo Chi, for his part, said, “We are close as we ever been in terms of the negotiations. Hopefully, something can get done by next week.”
But Deleon Guerrero, who attended the CCC meeting via tele-conference, expressed concern about IPI’s financial condition.
He said Public Law 18-56, which legalized casino gambling on Saipan, requires IPI to make an initial investment of at least $2 billion in building a resort with a minimum of 2,000 guest rooms.
Deleon Guerrero told his fellow commissioners that “IPI has to prove to the commission that it is financially suitable even before we entertain any settlement negotiation.”
He has recused himself from the revocation hearing and will serve as an advocate for the executive director’s enforcement actions against IPI for its failure to pay the annual casino license and regulatory fees.
Last December, Deleon Guerrero said CCC was willing to entertain a reasonable settlement offer from IPI “as long as the 2023 fees are paid and the other noted matters are resolved.”
He said if IPI would pay $18.6 million for the 2023 fees, “we can immediately start working on a settlement agreement.”
On Tuesday, he clarified to his fellow commissioners that the $18.6 million payment “is just to start a global settlement.” He said it all comes down to what the casino license agreement and the gaming laws require.
He reiterated that P.L. 18-56 requires IPI to be financially suitable.
