The territory has been offered a separation agreement by Imperial Pacific International, the troubled Hong Kong-based business that holds the only commercial casino license for the Northern Marina Islands.
The Imperial Pacific Resort Hotel Saipan, an NMI casino project, was slated to be a $3.9 billion endeavor. The project was doomed from the start and never opened.
In an effort to put an end to the legal controversy, Imperial Pacific disclosed this week that it had submitted a termination agreement to the Northern Marina Islands. In order to get the Commonwealth Casino Commission to stop suspending the gaming concession, Imperial representatives have offered to pay the island $31 million in overdue licensing fees and an additional $16 million.
The Imperial Pacific Resort Hotel Saipan, an NMI casino project, was slated to be a $3.9 billion endeavor. The project was doomed from the start and never opened.
In an effort to put an end to the legal controversy, Imperial Pacific disclosed this week that it had submitted a termination agreement to the Northern Marina Islands. In order to get the Commonwealth Casino Commission to stop suspending the gaming concession, Imperial representatives have offered to pay the island $31 million in overdue licensing fees and an additional $16 million.