IMPERIAL Pacific International last week paid the Department of Public Lands $120,000 for the rent of the public land occupied by the IPI casino-hotel in Garapan, its human resource business partner, How Yo Chi, said on Friday.
Chi said they remitted the payment on Monday last week. He also acknowledged that IPI still owes DPL a balance of over $29,000 for the rent that was due on May 1, 2023.
On March 31, DPL Secretary Teresita Santos issued a notice of violation giving IPI 30 days to pay $179,761.90 to cover the rent from May 1, 2023 to April 30, 2024. IPI’s annual rent for the public land lease in Garapan is $250,000, but DPL credited the $25,426.43 that IPI paid on Nov. 16, 2022.
Under the land lease agreement, IPI was also required to make a security deposit of $250,000 to DPL. But DPL applied this deposit to IPI’s rent that was due for April 29, 2021.
Chi said they will pay the remaining amount anytime soon as he reiterated that IPI is doing its best to meet its obligations to the CNMI government. He also expressed hope for a favorable result in the arbitration hearing that was held from May 23 to 25, in Honolulu, Hawaii.
He is not allowed to disclose what transpired during the arbitration, but he said IPI was represented by two U.S.-based attorneys.
The Commonwealth Casino Commission will discuss the arbitration during its regular meeting on May 31, Wednesday, in the CCC conference room at Springs Plaza in Gualo Rai.
Since its casino shut down in March 2020 due to the Covid-19 pandemic restrictions, IPI’s casino has not been earning any revenue.
Imperial Pacific International’s human resource business partner, How Yo Chi, fields questions from members of the Commonwealth Casino Commission during a meeting in January.
