SAIPAN’S beleaguered casino investor, Imperial Pacific International (CNMI) LLC, has signed a memorandum of agreement with the South Korean IH Group, an IPI source said on Sunday.
Under the agreement, the IH Group will provide funding to help IPI reopen its casino in Garapan and pay some of its obligations including payroll and outstanding payables to some of IPI’s vendors.
IPI may make an official announcement soon about its agreement with the IH Group, the source added.
In 2016, the IH Group announced that it was planning to construct a $10 billion casino hotel on Rota, and to complete it in 10 years. The project has yet to materialize.
Asked for comment, Commonwealth Casino Commission member Mario Taitano said he had not heard anything about IPI and the IH Group signing a memorandum of agreement.
Taitano noted that the commission will conduct a hearing on May 24 regarding the enforcement actions filed by the commission’s executive director, Andrew Yeom, over IPI’s failure to pay its license and regulatory fees as well as its failure to comply with the working capital requirement equal to three months’ payroll.
Yeom has asked the commission to revoke IPI’s exclusive casino license.
