The embattled company running the only casino on the Northern Marianas island of Saipan, Imperial Pacific, says auctioning off its key assets will harm its operations.
Inside the Imperial Pacific Casino in Saipan, CNMI. 30 September 2019. Photo: Imperial Pacific Casino
A former contractor, Pacific Rim, called last week for the auction of vehicles and gaming machines, after Imperial failed to meet a court ordered debt payment.
Instead Imperial has asked the court to accept its offer to have one of its investors deposit nearly $US6 million in a CNMI bank to secure the money for Pacific Rim.
Imperial also argued that while its gaming equipment is valued at more than $US20 million, the most reasonable price it can get in auction is $2 million.
It said no one else in the CNMI can legally own gaming equipment, which would then need to be sent off-island, making it difficult for Imperial to reopen.
The casino operator also said while its vehicles may be worth about $US6 million, if they go to auction they may only return about $US300,000.
It said sale of its heavy equipment could lead to the non-completion of the casino complex.
