In the Commonwealth of the Northern Mariana Islands and the firm behind the under-construction Imperial Palace Saipan has reportedly been officially ordered to appoint a new leader by July 10 or risk the prospect of losing its casino-operating license.
According to a report from Inside Asian Gaming, Imperial Pacific International Holdings Limited has been without a Chief Executive Officer since the December departure of previous boss Mark Brown and is now alleged to be in considerable financial difficulties due in large part to the impact of the coronavirus pandemic.
The command from the American territory’s Commonwealth Casino Commission also instructed the Hong Kong-listed operator to begin meeting its financial obligations to private vendors and the local government. The source detailed that Imperial Pacific International Holdings Limited is currently engaged in multiple lawsuits concerning unpaid fees including one brought by former contractor Pacific Rim Land Development said to be worth approximately $6.8 million.
Edward Deleon Guerrero, Chairman for the Commonwealth Casino Commission, reportedly issued the directive to Imperial Pacific International Holdings Limited due to the firm’s ‘continuous failure’ to find a successor to Brown.
Reportedly read a statement from Guerrero…
“We continuously pressed upon them that it is an utmost urgency that Imperial Pacific International Holdings Limited appoint a Chief Executive Officer even on an interim basis or acting capacity. We have reached the point now where we have no other options except to issue the order.”
The source earlier reported that Imperial Pacific International Holdings Limited recorded a net loss of around $508 million last year as its aggregate revenues plummeted by 83.4% year-on-year to just over $69.5 million. It furthermore explained that the Imperial Palace Saipan operator has only partially satisfied its previous pair of payroll cycles and has threatened that it may soon be forced to permanently close the mothballed venue on the Pacific island of Saipan.