Possible penalties against Imperial Pacific International weighed by CNMI casino commission
Imperial Pacific International (CNMI) LLC may have already paid in full its annual casino license renewal fee of $15 million, but the Commonwealth Casino Commission is reviewing the possible penalties that could be imposed on IPI for its delayed payment.
IPI did pay but did so in two tranches. The full payment was due on Aug. 12, 2019, and IPI only managed to pay $5.5 million. It was then given 15 days to settle its obligation and IPI managed to make a $10.5 million payment last Tuesday—the last day that was given to it to pay up.
The commission did inform IPI of its deficiency, said CCC executive director Edward Deleon Guerrero in an interview yesterday. “The complaint [notes] that [IPI] must cure [the violation]. One of the main [ways to cure the violation] was to pay—and they did that,” he said. “The next [aspect of the complaint] are the sanctions involved with not paying on time.”
According to the Casino License Agreement, which the CCC enforces on IPI, any delayed, partial, or the non-payment of “…any amount due and payable” constitutes a breach.
Read more: https://www.saipantribune.com/index.php/possible-penalties-vs-ipi-weighed/
