In the Commonwealth of the Northern Mariana Islands and the firm behind the under-construction, Imperial Palace Saipan, is to reportedly be hit with a fine of some $375,000 for the late payment of its annual casino license renewal fee.
According to a report from the Saipan Tribune newspaper, Imperial Pacific International Holdings Limited was required to hand over the yearly $15 million charge in advance of an August 12 deadline but did not fully satisfy this sum until 15 days later following a prompt from the American territory’s Commonwealth Casino Commission.
The newspaper cited Edward Deleon Guerrero, Executive Director for the Commonwealth Casino Commission, as detailing that the regulator now intends to penalize the Hong Kong-headquartered casino firm $25,000 for every one of these late days for a combined total of $375,000.
Deleon Guerrero reportedly told the Saipan Tribune…
“Imperial Pacific International Holdings Limited was able to settle on August 27. If you count starting from August12, it amounts to a total of 15 days. I need to bring it to the [Commonwealth Casino] Commission in the September monthly meeting. We need its blessing for the stipulating order. The [Commonwealth Casino] Commission needs to review and approve the stipulation but [the Commissioners] have accepted the stipulation and they understand that this is a violation.”
The regulator also told the newspaper that his office has the right to fine Imperial Pacific up to $50,000 for every day that it is late in paying its casino licensing fee. However, he moreover detailed that the casino firm had handed over some $5 million the day before its deadline and had hoped that the balance would be satisfied by the return of a $10 million advance it had bequeathed to the territory’s Department of Public Lands as part of an unconsummated bond float.
Guerrero added to the Saipan Tribune…
“Based on communications… Imperial Pacific International Holdings Limited was trying to get the $10 million back for the partial payment of the 2019 annual license fee. That’s why it paid the $5 million, thinking that the Department of Public Lands would return the $10 million. But, that’s not [our] problem. We are saying to Imperial Pacific International Holdings Limited that you must pay on August 12 and that’s it.”
Imperial Pacific Intl began welcoming gamblers to its Imperial Palace Saipan facility in July of 2017 to enjoy a selection of some 350 slots and 200 gaming tables. But work on the giant Saipan venue’s adjacent 14-story hotel has since stalled with the operator blaming a repeated series of holdups on a variety of problems ranging from bad weather to the lack of a skilled workforce.