After years of causing nothing but grief for Imperial Pacific International (IPI) and gaming regulators in the Commonwealth of the Northern Mariana Islands, the Imperial Palace might soon be shutting its doors permanently.
Numerous problems, stemming from Imperial Pacific International’s inability to play by the rules, has caused the company to suffer financially, and that suffering was compounded by the arrival of the coronavirus. The casino was forced to shut down temporarily because of the global health pandemic, and that closure might now become permanent.
Imperial Palace has lost millions of dollars due to mismanagement of the casino, as well as the mismanagement of the still-ongoing construction expansion of the venue. The coronavirus exacerbated the situation, but wasn’t the only major fiasco recently suffered by the company.
Apparently, the upper executive level of Imperial Pacific International believes the company’s expenses are mere “recommendations” and not obligations. The company wasn’t able to pay its full casino license fee last September, withholding part of the $15-million cost, and has recently only been able to cover partial salaries. According to the Saipan Tribune, the next installment of paychecks could be missed completely because IPI is out of money.
The lawyer added, “Failing to stay proceedings will only exacerbate IPI’s current financial distress,” adding that the employees won’t be able to receive their pay if the company is forced to adhere to the court order. “It will not just put IPI at risk of further financial distress, it will also put the people of Saipan at risk of layoffs, empty pockets, lack of food and shelter, and increased crime and violence,” he asserted.
IPI has screwed up at every turn with the Imperial Palace, being accused of everything from bribery to unsafe and illegal work conditions. It has routinely run afoul of regulatory procedures, and it’s baffling how the company could not have already been pushed out of the project as some lawmakers have wanted.
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