As Imperial Pacific International nears the end of its bankruptcy proceedings, the assets of the troubled Saipan casino operator are set to be handed over to a new owner.
Imperial Pacific International (IPI), a Hong Kong-listed company that briefly operated Saipan’s only integrated casino resort, is preparing to transfer its remaining assets to a new owner.
Saipan, part of the Commonwealth of the Northern Mariana Islands (CNMI) — a U.S. territory since World War II — saw IPI open a temporary casino inside a Garapan shopping mall in 2016. At the same time, the company began building a permanent, multibillion-dollar beachfront resort.
The high-roller casino at Imperial Pacific Palace was once among the world’s top performers, generating more per-table betting volume than even the most successful casinos in Las Vegas and Macau. In 2017 alone, it reported a VIP turnover of $49.5 billion across an average of just 18 tables.
However, the momentum didn’t last. By March 2020, the resort remained unfinished when it was forced to shut down due to the Covid-19 pandemic. Construction halted completely in 2021, and Imperial Pacific International (IPI) fell behind on millions in annual payments.
That same year, the Commonwealth Casino Commission of the Northern Mariana Islands suspended IPI’s gaming license. In 2022, trading of IPI shares was halted by the Hong Kong Stock Exchange. Since then, according to IPI’s legal counsel Chuck Choi, the resort has been left exposed to the elements and is now in poor condition.
What’s next for Imperial Pacific Palace?
Imperial Pacific International (IPI) filed for Chapter 11 bankruptcy in April 2024, citing liabilities exceeding $165.8 million. In a court-approved auction held in February, Team King Investment (CNMI) LLC emerged as the highest bidder, offering $12.9 million for IPI’s assets, including the unfinished and deteriorating resort. The bid also includes an option to acquire IPI’s gaming license.
However, the transaction cannot be finalized until a dispute over IPI’s ground lease—covering more than 19,000 square meters—is resolved. According to Marianas Variety, IPI and Team King have signed the lease, and are now waiting for the Department of Public Lands to countersign. As a show of good faith, Team King has agreed to pay the annual ground rent of $207,000 through April 2026, according to IPI attorney Chuck Choi.
As for the future of the once-grand Imperial Pacific Palace, much remains uncertain. Should Team King decide to complete and reopen the luxury casino resort, it would require an estimated $150 million in additional investment to finish construction.
The possibility of resuming gaming operations adds further complexity. In June, the CNMI government officially dissolved the Commonwealth Casino Commission (CCC)—the agency previously responsible for overseeing casino regulation. The CCC, which was financially supported by IPI’s regulatory fees, shut down its office in 2023, and its commissioners have reportedly gone unpaid since 2021.
