Casino operator IPI on Saipan seeks protection under Chapter 11 bankruptcy filing
Imperial Pacific International (IPI), a casino operator in Saipan, filed for Chapter 11 bankruptcy in April 2024, citing over $165.8 million in liabilities. As part of the bankruptcy proceedings, its casino assets were auctioned in February 2025, with Team King Investment (CNMI) LLC emerging as the winning bidder with an approximate bid of $12.9 million, including the option to acquire IPI's gaming license.
The auctioned assets, spanning about 19,204 square meters, are yet to be transferred due to ongoing negotiations over the ground lease of the casino property. As of July 2025, the parties are close to finalizing all necessary lease documents and related transaction details, with dismissal of pending lawsuits clearing further obstacles for completion.
Regarding the license suspension or regulatory changes, the Commonwealth Casino Commission (CCC), which was responsible for gaming regulation including IPI, was abolished by the CNMI government in June 2025. This development has complicated regulatory oversight. The new owner, Team King, holds an option to acquire the casino license, but a formal resumption of gaming operations depends on additional financing (estimated around $150 million) and resolution of regulatory frameworks following the CCC’s dissolution.
So far, 11 vehicles belonging to IPI have been sold, and it's anticipated that more than 100 cars may be sold in the future. It's important to note that no public record indicates a formal suspension order of IPI’s gaming license separate from the bankruptcy context, but operational licensing remains uncertain pending these ongoing legal, ownership, and regulatory developments.
The bankruptcy filing is described as a "strategic move" by IPI, and it's aimed at helping the company resolve its financial challenges. IPI acknowledges an outstanding debt to creditors of more than $150 million, with the largest sum, $62 million, owed to the CNMI Treasury. The company also owes nearly $35 million to the MCC and has paid approximately $17.6 million in various penalties and licensing fees to the CCC.
IPI remains committed to settling its outstanding debt with creditors, stakeholders, and employees despite financial difficulties brought by the pandemic. If approved, the Chapter 11 bankruptcy filing can enable the company to restructure its operations, potentially settling outstanding debt with creditors and continuing to operate. The bankruptcy filing was made with the District Court for the NMI on a specific Friday.
[1] Source: Saipan Tribune, "IPI files for Chapter 11 bankruptcy," 2024 [2] Source: Saipan Tribune, "Team King Investment wins IPI casino auction," 2025 [3] Source: Saipan Tribune, "Negotiations continue for IPI casino transfer," 2025 [4] Source: Saipan Tribune, "CCC abolished, regulatory oversight complicated," 2025 [5] Source: Saipan Tribune, "Pending lawsuits dismissed, IPI casino transfer nears completion," 2025
- The auctioned casino assets, including casino-games like blackjack, casino-and-gambling favorites such as poker and roulette, and slot machines, were won by Team King Investment in February 2025.
- The casino-culture in Saipan is set to experience a change as Team King, the new owner, plans to acquire IPI's gaming license, subject to additional financing and resolution of regulatory frameworks following the dissolution of the Commonwealth Casino Commission.
- Despite the financial difficulties faced during the pandemic, Imperial Pacific International (IPI) is committed to settling its outstanding debt and, if approved, the Chapter 11 bankruptcy filing might help the company continue its operations, playing casino-games like blackjack, poker, roulette, and slots.
- The auction of IPI's assets, which spans about 19,204 square meters and includes over 11 vehicles, was part of the bankruptcy proceedings, with the anticipation of selling more than 100 cars in the future.
